SafeCharge (LON:SCH), the international provider of payments services, risk management and IT solutions for online businesses, including the online trading industry today announced its maiden interim results for the six months ended June 30th, 2014 following its successful IPO in April. Revenues were extremely positive coming in at US $34.4m and were up 77% when compared to the same period in 2013 and 45% up compared to H2 2013.
SafeCharge shares have been performing well, soaring to a post IPO high last week ahead of this interim release. After this significantly bullish financial statement from the company, the stock has taken on new all-time highs in its short life. At the time of this writing at 9am GMT after the release of the H1 results, SafeCharge was up 4.34% in morning trade to £2.25. Shares are up 34.46% since the IPO on April 7th.
Big gap up on the trading day as SafeCharge’s 2014 H1 financial statements came in positive. Source: Google Finance
Some highlights from the report:
– Significant increases in processing volumes, revenue and profitability
– Revenues up 77% to US $34.4m (H1 2013: US $19.4m)
– Gross Profit up 78% to US $20.3m (H1 2013: US $11.5m)
– Adjusted EBITDA up 117% to US $10.8m (H1 2013: US $5m)
– Adjusted Profit before tax US $10.3m (H1 2013: US $4.5m). Profit before tax as reported for the period US $5.6m (H1 2013:US $1.2m)
– Strong cash conversion from EBITDA continues
– Maiden Interim dividend of US cents 2.88 per share (payable October 17th 2014)
– Cash balances as of June 30th of US $142m (June 30th 2013 US $9.7m)
– The Board expects that results for the full year to 31 December 2014 will be materially ahead of current market expectations
Operational highlights:
– Successful, oversubscribed IPO in April 2014 raising US$125m before expenses
– Launch of significant new customers, including well known FX broker, FXDD
– Winner of Payments Company of the Year at the eGaming Review B2B Awards
– Post balance sheet event: Attained Principal Membership of VISA Europe
Roger Withers, Non-executive Chairman, said: “I am delighted to report SafeCharge’s maiden interim results following its successful fund raise and admission to AIM earlier this year… Our growth is driven primarily by the growth of international internet penetration and the rapid development of e-commerce as a powerhouse in retail, financial services and currency trading platforms.”
SafeCharge has some exciting projects coming down the pipeline to ensure the growth keeps coming. The company continues to invest in the further development and expansion of its payment technologies. In particular, David Avgi, Chief Executive of SafeCharge stated during this period that significant progress was made with the development of it’s digital wallet and SafeCharge remains on-course for a launch in Q1 2015.
To view the full official release with all the details, click here.
H1 Results