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Unaudited Trading Update for the Year Ended 30 June 2017
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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CLS, a financial market infrastructure group delivering settlement, processing and data solutions, today announces the appointment of six new members to its Board of Directors at the CLS Annual General Meeting held on 9 June 2026.
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The European FinTech Association (EFA) today announced the election of its new Board of Directors, bringing together senior leaders from across Europe's fintech ecosystem to guide the Association's work over the coming term.
G+D: Navigating the Future of Fintech Agility and Innovation
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