Revenue and earnings slip at Billing Services Group
Billing Services Group Ltd.
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16:55 07/05/20
Telecommunications clearing and financial settlement product provider Billing Services Group announced its audited results for the year to 31 December on Wednesday, with revenue slipping to $30.2m from $36.4m.
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The AIM-traded company generated $5.7m of EBITDA, down from $6.4m in 2015, and recorded net income of four cents per share, improving from three cents per share.
It improved its gross margin by two percentage points to 53.0% in 2016, from 51.0% in 2015, and reduced operating expenses by $1.9m to $10.3m.
The firm also repaid $2.1m as of Wednesday, of a total $5.2m pursuant to its settlement with the Federal Trade Commission.
“2016 was a remarkable year,” remarked non-executive chairman Patrick Heneghan.
“While earning four cents per share of net income and generating $7.7m of cash flow, the company expanded its service platform to meet the direct billing needs of customers.”
Heneghan said that was a complex task, requiring broad revisions to intricate processes and historical practices.
“I cannot overstate both the challenge and the success.”