Product development key to revenue rise

Product development key to revenue rise

Thursday, September 17, 2015
SafeCharge CEO hails results of trading update

David Avgi, the chief executive of SafeCharge, has paid tribute to the firm’s ongoing product development strategy after the payment solutions provider was able to post significant growth across key financials during the six months through to June 30. 

Revenue in the first half of the year totalled $49.5m (€43.8m), which represents a jump of 44 per cent on the amount posted in the opening six months of 2014. Gross profit was also up 40 per cent to $28.5m while adjusted profit hiked 59 per cent to $16.1m.

Reflecting on the figures, Avgi highlighted the ongoing impact of the company's development strategy and suggested that SafeCharge is on course to achieve further growth throughout the remainder of the year.

“This is another set of very strong financial results,” Avgi said. “We have continued to develop and expand our technology base and product offering, particularly our acquiring services and issuing capabilities.

“With our strong current trading and pipeline, we look forward to the rest of the year with confidence and optimism.”

SafeCharge also noted that adjusted earnings before interest, tax, depreciation and amortisation increased by 41 per cent on a year-on-year basis to $15.2m, with reported profit after tax hiking from $4.8m last year to $12.4m in the first half of 2015. 

As a result of its performance in the opening six months of the year, SafeCharge was able to post a recommended dividend of 4 cents per share, up 39 per cent from the 2.88 per share in the first half of last year.

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