SafeCharge Forecasts Further Earnings Growth In 2018

14th Mar 2018 11:22

LONDON (Alliance News) - Payment technology firm SafeCharge International Group Ltd said Wednesday it expects further revenue and earnings growth in 2018 after reporting a strong performance for the recently ended financial year.

SafeCharge reported pretax profit of USD26.2 million for 2017, down from USD28.0 million in 2016, due to higher depreciation, amortisation and share-based payment charges. Adjusted earnings before interest, taxes, depreciation and amortisation, however, rose slightly to USD33.7 million from USD33.3 million.

Revenue increased by 7.0% to USD111.7 million from USD104.1 million through a mix of high quality, low risk customers across a range of industries with the reshaping of the customer base in 2016.

SafeCharge expects 2018 revenue in the range of USD125.0 million to USD130.0 million, with adjusted Ebitda between USD36.0 million and USD38.0 million.

A final dividend of 9.20 US cents per share was declared, down 3.0% from 9.47 US cents the year before, however the total payout rose to 16.89 US cents, up 3.0% from 16.47 US cents in 2016.

"I am pleased to report a strong set of results. We demonstrated excellent performance, particularly in the second half of the year, and made good progress on our organic growth strategy. We also continue to invest in our payment and risk management platform to drive future growth and are delighted that our customers recognise the benefits that SafeCharge's payment solutions bring to them," said Chief Executive David Avgi.

"Whilst we continue to grow in our core vertical markets, the group has made exciting progress in entering our new target sectors and geographies. During 2018 we will continue to focus and invest further to build our sales teams to accelerate our entry into new markets," Avgi added.

Shares in SafeCharge were down 3.7% at 297.00 pence on Wednesday.

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