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SafeCharge enjoys revenue, profit growth in 2017

| By iGB Editorial Team
Payments technology company SafeCharge has reported a year-on-year increase in both revenue and gross profit for 2017

Payments technology company SafeCharge has reported a year-on-year increase in both revenue and gross profit for 2017.

Revenue in the 12 months through to December 31, 2017, amounted to $111.7m (€90.3m), up 7% on $104.1m in the previous year.

Gross profit climbed 6% year-on-year from $60.7m to $64.5m, although reported profit after tax dropped 11% from $26.6m to $23.8m.

Adjusted earnings before interest, tax, depreciation and amortisation was up 1% to $33.7m, while cash flow from operations also increased by 5% to $32.3m.

Cash balances at year-end dropped 6% to $108.9m, while diluted earnings per share also fell 9% to 15.78 cents.

In terms of activity, SafeCharge noted a 38% year-on-year increase in the total number of transactions to 173.8 million, with transaction value also up 19% to $9.64bn.

David Avgi, chief executive of SafeCharge, said: “We demonstrated excellent performance, particularly in the second half of the year, and made good progress on our organic growth strategy.

“We also continue to invest in our payment and risk management platform to drive future growth and are delighted that our customers recognise the benefits that SafeCharge’s payment solutions bring to them.

“Whilst we continue to grow in our core vertical markets, the group has made exciting progress in entering our new target sectors and geographies.

“During 2018 we will continue to focus and invest further to build our sales teams to accelerate our entry into new markets.”

Related article: SafeCharge set to hit financial targets in 2017

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