Payments services and technologies provider SafeCharge International Group Ltd (LON:SCH) has provided its Trading Update for the first six months of 2016, indicating that the company has had a very strong first half of the year.
SafeCharge stated that its EBITDA for 1H-2016 will come in ahead of USD $16 million, which will make the the first half of this year the company’s most profitable ever (SafeCharge did $15.9M in EBITDA in the second half of last year).
In a note likely edited in due to the recent post-Brexit market activity, SafeCharge indicated that it has very little GBP exposure. The US dollar is the company’s functional and most significant currency revenue-wise. Nearly 80% of the company’s cash is held in US dollars, with Sterling balances representing less than 5%.
SafeCharge’s full Trading Statement reads as follows:
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SafeCharge International Group Limited
(“SafeCharge” or the “Group”)
Trading statement
SafeCharge (AIM: SCH), the global provider of payments services, technologies and risk management solutions for online and mobile businesses, provides the following trading update for the first six months of 2016.
The Group has enjoyed strong trading in the first half. As a result, Adjusted EBITDA* for the period will be comfortably ahead of US$16 million and the Directors are very confident of the outcome for the full year.
The Directors confirm that the US dollar is the Group’s functional and most significant currency in terms of contribution to revenues and that nearly 80% of the Group’s cash is held in US dollars with sterling balances representing less than 5%.