Earthport narrows H1 losses, revenue up

Source: Earthport

Earthport, the global payments utility company is pleased to announce today its Half Year Results for the six months ended 31 December 2007.

Financial highlights
  • Revenue increased 57% to £1.1m against the 2nd half of the previous year
  • Operating expenses fell 13% to £2.1m against the 2nd half of the previous year and are running at £1m pa less than fiscal 2007
  • Operating loss fell 40% to £1.1m against the 2nd half of the previous year
  • Loss before tax fell 40% to £1.2m against the 2nd half of the previous year
  • Interest costs fell 32% to £0.17m against the 2nd half of the previous year
  • £4m of equity raised during the period

Operational highlights
  • IBM Partnership announced on 22 August 2007
  • Success at SIBOS in October 2007 leading to pipeline of opportunity with several banks and financial institutions
  • James Bergman appointed to the Board as Executive Director on 19 December 2007

Mike Harrison, Executive Chairman, Earthport, said: "These half year results demonstrate a period of good progress as the strategic business model is reinforced by the direction the Company is taking. I am also gratified by the continued acceleration in revenue growth (1H07 £0.4m to 2H07 £0.7m to 1H08 £1.1m) and the flow through of previous expense cuts of £1m annualised. Building on the significant progress made by the development team, the sales team is now focusing on sales with major financial institutions as their utility for international payments. The resultant opportunities with banks also create a symbiotic relationship, as they are able to further widen the existing Earthport banking network.

"Although the time taken in the sales process is significant, the business rewards are substantial for our clients and their customers, as well as our shareholders. This is not just due to the fact that the revenue is transformational but also because the acceptance of Earthport by major global institutions raises the Company's profile and creates further substantial opportunities. It is the Company's main strategic objective to become the global payments utility usedd by the major institutions, a goal now becoming a significant reality."

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