Planet Payment posts upbeat trading update
14 January 2008 | 1450 views | 0
Source: Planet Payment
Planet Payment (LSE:AIM: PPT and PPTR), a leading international multi-currency payment and data processor, provides the following update on its trading.
The Company continued to exhibit strong growth through the second half of 2007 and in particular in the fourth quarter. Management estimates that total revenue increased by more than 38% compared to the third quarter. The Company expects to report total revenue in excess of $18 million for the year 2007 (2006: $5.47 million).
Continued adoption of the Company's global multi-currency processing platform drove revenue results through 2007, as Core multi-currency transaction volume increased over 270% year over year. Based on the latest monthly management figures for the fourth quarter, the annualized revenue run rate reached over $25 million for the fourth quarter, as compared to over $17 million for the third quarter and over $15 million for the second quarter.
Philip Beck, Chairman and Chief Executive Officer of Planet Payment, said "The Company's strong growth during the year reflects the continued adoption of our proprietary processing platform. We enter 2008 with significant sales momentum and the near-term roll outs of several previously announced new clients."
During the second half of 2007, the Company announced new implementations and marketing activities with a number of acquiring, processing and technology partners. These included agreements to provide Pay in Your CurrencyTM services in a number of countries in the Asia Pacific region with Agricultural Bank of China, Bank of Communications (HKG: 3328), Global Payments (NYSE: GPN) and Banco Nacional Ultramarino.
Several important bank and merchant implementations were completed in the fourth quarter, which are expected to deliver significant revenues in the coming year. Further current implementations are scheduled to be completed in the first quarter of 2008. These, together with the implemented and active customer base in place at the year end, constitute a robust business pipeline, which Management expects will drive further growth in 2008.
Planet Payment will announce its preliminary results in the late April.