UK – Safecharge grows revenues by four per cent in 2016By Phil - 25 March 2017
‘Strong financial performance’ saw Safecharge grow its revenues by four per cent to US$104.1m whilst Adjusted EBITDA increased by seven per cent to US$33.3m.
The revenue increase was driven by the successful launch of a fully serviced global payment solution to Tier 1 customers, including Sisal, Nayax, EL AL, Betfair, and SunBingo.
The company said it has a ‘strong pipeline of new customers in digital services, online retail, video and travel to be launched during 2017.’
The company opened offices in SE Asia and United States the first quarter of 2017. Transaction volumes grew by 17 per cent, reaching US$8.1bn for the full year. This growth in volumes was driven by the growth of existing clients and supplemented by the launch of new high volume customers. Total Group revenues for the year ended 31 December 2016 increased 4.3 per cent to US$104.1m.
David Avgi, CEO of SafeCharge, said: “I am pleased to report a good set of results. It has been another year of strong performance in the core business and the company has made positive steps with the implementation of its organic growth strategy. We continue to invest in our payment and risk platform to support future growth and are delighted that our customers recognise the benefits that SafeCharge’s payments solutions bring to them. “The Group is confident that its focus on delivering high quality revenue combined with a substantial pipeline of new business will yield further revenue growth in 2017 and build stronger profitable momentum in 2018.”
Chairman Roger Withers added: “These results are all the more pleasing given the progress management has made with reshaping the Group’s customer base; diversifying the business into new sectors and geographic markets; and making our first moves into card-present and land-based payments acquiring. This has also been a year in which we focused on building quality across our business and attracting new and experienced staff who are already helping us to implement our strategy. SafeCharge’s impressive performance was primarily driven by its core business, which benefitted from approximately US$7.7m of revenues generated from new customer wins. Core revenues (excluding 2015 acquisitions) grew by 11 per cent on a constant currency basis, despite forgoing business as part of our strategy to reshape the Group’s customer base. In addition to a robust financial performance, we remain committed to advancing our technologies and expanding the Group’s product offering, thereby strengthening customer engagement whilst growing and diversifying the business into new markets, industries and geographies.