SafeCharge International Group Ltd (LON:SCH), the expert in payment solutions provision for the online trading and gaming sectors, has just reported its financial metrics for the six months to June June 30, 2015, with the results way ahead of the already robust results recorded a year earlier.
The company struck an upbeat note regarding its future prospects, citing new client wins and new product launches.
SafeCharge has produced fairly healthy and steady growth on both the top and bottom line since going public in early 2014.
Financial Highlights for H1 2015:
- Revenues up 44% to US$49.5 million (H1 2014: US$34.4m);
- Gross Profit up 40% to US$28.5 million (H1 2014: US$20.3m);
- Adjusted EBITDA up 41% to US$15.2 million (H1 2014: US$10.8m);
- Adjusted profit up 59% to US$16.1 million (H1 2014: US$10.1m);
- Cash flows from operations US$14.5 million (H1 2014:US$10.2m);
- Reported profit after tax US$12.4 million (H1 2014: US$4.8m);
- Cash balances as at 30 June of US$115.7 million (30 June 2014: US$142m).
The company recommended an interim dividend of 4 US cents per share, up 39% from the dividend paid in the first half of 2014. The dividend shall be paid in sterling, and shareholders will receive 2.6 pence per share.
Update on current trading
SafeCharge says its business keeps growing, with new products and diversified clients portfolio, a very strong pipeline and many new clients committed to go live on the SafeCharge platforms in the second half. The Directors remain very confident for the full year 2015 and beyond.
Operational highlights
- Successful launch of VISA acquiring services complementing MasterCard services launched in 2014;
- Over 100 new customer wins in the core processing business with a strong pipeline and several significant new customers to go live in H2;
- Core business processing volumes US$3.3 billion (H1 2014: US$ 2.6 billion);
- PAY.com mobile wallet and Mastercard pre-paid card ready for commercial launch Q4. Multiple regional partners signed for reselling of the cards locally in Europe.
David Avgi, CEO of SafeCharge, commented:
“This is another set of very strong financial results. We have continued to develop and expand our technology base and product offering, particularly our acquiring services and issuing capabilities. With our strong current trading and pipeline, we look forward to the rest of the year with confidence and optimism.”
One thing worth noting is that SafeCharge had to beat a set of strong metrics recorded in the first half of 2014, when revenues surged 77% year-on-year to $34.4 million and gross profits jumped 78% in annual terms to $20.3 million.
The fresh set of numbers is in tune with a forecast SafeCharge issued in July this year – back then the company said it anticipated strong year-on-year growth for the first six months of 2015.
To view the official filing with the LSE, click here.