Earthport (AIM: EPO.L), the leading payment network for cross-border payments, is pleased to provide an unaudited trading update for the six month period ended 31 December 2016 ("H1 FY17").
Financial and Transactional Highlights
• Revenues expected to be approximately £14.3 million (H1 FY16: £10.6 million), an increase of 35%
• Transactional revenues comprised more than 95% of total revenue
• Gross margin at approximately 70%
• Cash balance at period end was approximately £11.4 million
• Number of transactions in the period increased to 5 million, an 80% increase from H1 FY16
o December 2016 set a record month for the number of transactions in the Company’s history
• Payment volume reached $7.8 billion, an increase of more than 96% from H1 FY16
Earthport remains committed to its long term strategy of continuing to develop the world’s leading cross border payments platform. The Board is encouraged by the recent developments within the Company, particularly in relation to the increasing transaction and aggregate payment volumes being placed through Earthport’s platform by its clients.
Hank Uberoi, CEO of Earthport commented: “We accomplished a number of important developments in the six months under review, including expanding our strategic relationship with BofAML and providing outbound payment service capabilities to the extensive Indian market. The performance of the business in the past six months has been encouraging with a substantial increase in the number of transactions and payment volumes resulting in strong revenue growth. This positive momentum, coupled with our solid market positioning, gives us confidence of further successful growth going forward.”