Earthport, (EPO.L) the specialist electronics payment company, is pleased to announce the 1st Half Trading Update (from 1 July 2007- 31December 2007) for the fiscal year ending 30 June 2008 (the'Period').
In the Period, the Company achieved unaudited revenue of £1.1m, an increase of 173% compared with £403,000 for the same period last year and an increase of 57% compared with £700,000 for the 2nd Half of the fiscal year ending 30 June 2007. Transactions have increased month on month during the Period.
Earthport's major objective during the second half of this year is to capitalise on the opportunities, which began at Sibos 2007 as well as through other key introductions and are now part of a substantial pipeline. The Company is actively progressing these opportunities towards closure. This is not the only area of development for Earthport and negotiations are progressing with other major business opportunities. These activities are in line with Earthport's overall strategy of increasing its revenue from international bank transfers and Foreign Exchange transactions.
Several new clients have been signed during the Period, predominately from the Multi Level Marketing (MLM), Remittance and Leisure sectors. In addition existing clients have advised Earthport that they will be increasing their level of business, both by enlarging the number of territories and by the addition of further functionality. The figures quoted above do not include revenue from these increases or from any new clients, which have been signed during the period.
Mike Harrison, Executive Chairman commented, "The figures quoted above are obviously encouraging. The Company is expanding its banking coverage in response to increased customer demand as well as concentrating on costs and continually developing our product. The Outlook section of the recently released 2007 Report and Financial Statements stated. The follow through from the inclusion on the IBM stand at Sibos 2007, is particularly encouraging and several major projects are being actively pursued, each with the distinct possibility of leading to transformational change. We believe that these activities are on track to reach a successful conclusion."
James Bergman, Executive Director of Sales and Marketing, stated, "We are satisfied that existing and new signed customers will ensure that we reach profitability. However, as stated above, our major objective during the second half of this year is for us to close the available opportunities in the substantial pipeline, which has been established in the international bank-2-bank transfer market. We are encouraged by the interest in Earthport from major international financial institutions."