25th Jul 2018 11:53
LONDON (Alliance News) - Cross-border payments network provider Earthport PLC said on Wednesday in for its recently ended financial year its loss widened in spite of revenue growth.
In addition, the company has appointed Alexander Filshie as chief financial officer with immediate effect.
Adjusted earnings before interest, taxes, depreciation and amortisation loss for the year to the end of June widened to GBP4.8 million from GBP2.9 million the year before due to continued investment into Earthport's cost base and client contract delays.
Some 10.5 million transactions were undertaken on the Earthport platform during the period, it said, down from 11.0 million, but revenue still grew by 5.3% to GBP31.9 million from GBP30.3 million.
Filshie's most recent executive role was at financial technology business World First, where he was chief financial officer from 2016 to 2017, and prior to that he was chief financial officer of US financial services firm CLS Group AG for two years from 2013 to 2015.
"Alexander has an exceptional understanding of the currency and payment industries, coupled with deep knowledge of financial management at the most senior level at financial services and technology companies. He has an impressive track record in executing complex financial controls which will help take Earthport to the next level of growth," said Chief Executive Amanda Mesler.
Shares in Earthport were up 0.1% at 10.21 pence on Wednesday.
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