16th Jul 2014 10:17
LONDON (Alliance News) - Earthport PLC Wednesday said it expects to report revenue for its recent financial year more than double the previous year, driven by its acquisition of currency broker Baydonhill last September, as well as transactional and professional service revenue growth.
In a statement, the cross-border payments company said it expects revenue to exceed GBP10.7 million for the year ended June 30, compared with GBP4.1 million in the prior year.
Putting aside the boost from eight months' contribution from Baydonhill, Earthport said revenue still increased by more than 60% on a like-for-like basis.
During the period, 33 new customers were signed, compared with 21 in the prior year, with 14 customers going live. Earthport also said that it has a pipeline of 25 customers under contract and in implementation stage ahead of going live, compared with 7 in the prior year.
"Broad acceptance of the Earthport model is gathering pace as evidenced by the contracts signed in the year with some of the largest and most sophisticated banks and money transfer organisations in the world. With many of these yet to go live, there is significant embedded revenue potential within our existing client base and we have several other major opportunities in advanced stages of the sales pipeline," Chief Executive Hank Uberoi said in a statement.
In the past year, Earthport has contracted a number of top financial institutions, including Bank of America Merrill Lynch, HSBC Holdings PLC, and State Street Corp.
On Wednesday Earthport said that Bank of America Merrill Lynch is live and transacting for some parts of its business, which boosted Earthport's revenue growth. The cross-border payments company added that other business units within Bank of America Merrill Lynch are currently integrating with Earthport and are expected to go live over the next 6 to 12 months.
It also said that HSBC is in active integration and expected to go live within the next six months.
Earthport shares were Wednesday quoted up 4.1%, at 44.76 pence.
By Samuel Agini; [email protected]; @samuelagini
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