Earthport grows revenues in core payments business
Cross border payments network Earthport saw revenues move ahead in the first half of its trading year after selectively increasing the customer base of its core payment business.
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Last month the Earthport board withdrew its support of Visa's £198m takeover deal and instead recommended shareholders accept an £233m all-cash offer from Mastercard.
For the year to 31 January, core payments business revenues were 18.5% stronger year-on-year at £11.8m as a result of higher transaction volumes and changes in both the pricing and mix of its business, while total revenues grew 4.5% to £16.1m - with FX business revenues and professional services revenues lower.
The AIM-listed outfit, which completely revamped its executive management team during the year, took a £3m one-off hit in the year to 31 January from an enterprise-wide re-organisation, streamlining and re-focusing of the organisation.
Cash and equivalents contracted 18% to £23.1m.
New chief executive Amanda Mesler said: "I am delighted with the progress of the company in line with our expectations, and the revised strategy we set out to achieve.
"It is great to see growth in payment volumes and improving efficiency in the last six months."
As of 0850 GMT, Earthport shares were little moved at 37.98p.