SafeCharge hails ‘solid performance’ in first half

SafeCharge has reported year-on-year growth across a number of key financial verticals during the six months to June 30.

Revenue in the first half of the current year came in at $53m (€44.2m), up 2% on the $52.2m posted in the corresponding period in 2016.

The total number of transactions increased by 30% year-on-year to 75.6 million, while transaction value also climbed 7% from just under $4bn to $4.2bn.

However, gross profit at the firm fell 4% year-on-year to €30.4m, while adjusted earnings before interest, tax, depreciation and amortisation was also down 7% to €15.6m.

In addition, SafeCharge said cash flow from operations dropped 2% to €16.2m and reported profit after tax fell 20% to $12.2m.

Cash balances at the end of the first half amounted to $113m, down 12% from $128.1m at the same point last year, while diluted earnings per share also fell 18% to 8.06 cents.

David Avgi, chief executive of SafeCharge, said: “I am pleased to report a solid set of results; the company has performed well and made positive progress with the implementation of its organic growth strategy and focus on delivering high quality revenue.

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

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

Avgi added: “The group has enjoyed a strong start to the second half of 2017 benefiting from the launch of new clients, many of whom had started processing on the company’s global acquiring platform by the end of the first half of the year.

“The group is confident that its focus on higher quality earnings driven by its healthy pipeline will yield revenue growth in 2017 and build even stronger profitable momentum in 2018 and beyond.”

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