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July 24 2017

Unaudited Trading Update for the Year Ended 30 June 2017

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Earthport is pleased to provide an unaudited trading update for the fiscal year ended 30 June 2017 (“FY 2017”).

Financial Highlights

  • Revenues grew by approximately 33% to £30.3 million (FY 2016: £22.8 million)

o    Approximately 90% of the revenue growth was driven by the existing client base

o    Transactional revenues comprised 95% of FY 2017 total revenues

  • Adjusted gross profit increased by approximately 30% to £20.7 million (FY 2016: £15.9 million)
  • Adjusted gross margin decreased by approximately 2% to 68% (FY 2016: 70%)
  • Administrative expenses decreased approximately to £25.5 million (FY 2016: £25.8 million), representing 84% of revenues (FY 2016: 113%)
  • Adjusted EBITDA  loss decreased by approximately 65% to £2.4 million (FY 2016: £6.9 million)
  • Cash Balance at 30 June 2017 amounted to £11.9 million, compared to £14.4 million at 30 June 2016

Operational & Transactional Highlights

  • Monetary value of transactions processed increased by 48% to $17.5 billion  (FY 2016: $11.8 billion)
  • Record number of transactions at approximately 11 million, up 67% (FY 2016: 6.6 million)

o    Earthport’s payments processing platform continues to perform at a 99.9% “up-time” rate, ensuring virtually uninterrupted service for our clients

  • A total of 143 new opportunities, inclusive of existing and new clients, are currently in the commercial pipeline
  • Total of 10+ new countries in our Network pipeline
  • Executed payments across 193 destination countries, in 49 currencies
  • Average revenue per transaction of £2.64 (FY 2016: £3.12)
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