17th Feb 2015 07:54
LONDON (Alliance News) - Cross-border payments company Earthport PLC Tuesday said it expects its results for the first six months of its financial year to show that revenue more than doubled on the corresponding period the year before as the company continues to add customers and increase its pipeline.
In a statement, Earthport said that revenue for the six months ended December 31 is expected to be exceed GBP8.7 million, an increase on the GBP3.3 million reported for the corresponding period, driven by "transactional and professional service revenue growth". On a like-for-like basis, the company's revenue increased by more than 90%, according to the statement, which cited an "acceleration" in underlying business performance.
Earthport said its headcount increased by 18% due to the growth of the organisation and leadership team, while its net cash used in operations decreased by more than 30% to about GBP2.0 million compared with GBP3.0 million in the corresponding period last year.
"Earthport has experienced another strong performance as the transactional revenues and customer base of world class banks and money transfer organisations increased," Hank Uberoi, chief executive, said in a statement.
"Our pipeline of new customers continues to grow whilst significant embedded revenue potential with existing clients remains a large opportunity. We are therefore confident of a successful outcome for the full year and beyond," Uberoi added.
The company said that 17 new customers were signed during the first half, including the likes of Standard Chartered, United Nations Federal Credit Union and Santander UK, while there are 32 customers under contract and in implementation stage ahead of going live.
"With many clients yet to go live, and with several in advanced stages in the pipeline, there is significant embedded revenue potential," Earthport said.
By Samuel Agini; [email protected]; @samuelagini
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