SafeCharge sees full-year revenue ahead of market expectations

Payments technology company SafeCharge hailed strong trading on Wednesday and said annual revenue should top expectations as it announced the appointment of a new chief operational officer.

The group said trading ahead of the 2018 year-end has been strong, with processed volume for the full year expected to be up more than 40% on 2017 to about $14bn. Meanwhile, revenue for the year is anticipated to be above market expectations, at between $135m to $138m.

Shore Capital, which had pencilled in $130m of revenue, said this was "an encouraging performance confirming strength and stability in processing and platform fees". The brokerage upgraded its revenue expectations accordingly to $136m.

SafeCharge continued its platform development and investment in sales and marketing to support future growth and accelerate its entry into new verticals and geographies. As a result, adjusted earnings before interest, taxes, depreciation and amortisation are expected to be in line with market expectations.

"The company continues to make considerable progress with its strategy of winning clients within both traditional and new target markets and verticals, specifically in online retail, travel and marketplace, with recent wins including World Duty Free and the online marketplace Lev Cargo," it said.

"The group enters 2019 with an expanded client base and strong pipeline which gives us confidence for 2019 and beyond."

SafeCharge also announced the appointment of Hadar Michaelis as its new chief operational officer, responsible for the group's technical operations. Michaelis has held several executive management technical positions, including more than 10 years at Israel Discount Bank.

Former chief operational officer Yuval Ziv has been appointed as chief commercial officer, responsible for global commercial activities.

At 0940 GMT, the shares were up 2.4% to 260p.