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(Sharecast News) - Mobile payments and identity provider Boku reported a 38% rise in group revenues for its first half on Tuesday, to $34.2m, with organic group revenue growth strong at 21%, excluding acquired Fortumo revenues.
The AIM-traded firm said group adjusted EBITDA was 61% higher year-on-year for the six months ended 30 June at $10.3m, while operating profit increased to $2.3m from $0.2m.
Net Profit before tax rose to $1.9m, meanwhile, from $0.09m in the first half of 2020.
It said the 12-month earnout period relating to the 2020 acquisition of Fortumo Holdings completed on 30 June, with $5.4m held in escrow during that time.
The earnout payment, based on Fortumo's adjusted EBITDA performance for the 12 months ended 30 June, was expected to be $2.16m, subject to final confirmation, which would be paid to Fortumo's former shareholders by 5 October, with the balance of $3.24m returned to Boku.
Group cash totalled $48.6m at period end, up from $36.2m a year earlier.
The board said $11.25m of the $20m debt used to acquire Fortumo had been paid down by period end, with $3m of the revolver and $0.9m of the term loan paid down since the 2020 year-end.
It said its average daily cash balance - a measure which "smooths out" the effect of carrier and merchant payments - was $38m in June, up from $25.7m year-on-year.
"Our short run performance has been strong, we think our long-term future is brighter still," said chief executive officer Jon Prideaux.
"With positive momentum in both the payments and identity businesses, I am confident in our ability to meet the revised, increased expectations over the full year."
At 1400 BST, shares in Boku were down 0.24% at 207p.
18 Nov 2024 10:48
IN BRIEF: Boku starts GBP7 million share buyback as sees valuation gap
Boku Inc - London-based operator of 'mobile-first' payments network - Launches on Monday a share buyback for up to 4.0 million shares, saying it believes its current share price undervalues the company. "The buyback programme represents a good investment opportunity and effective use of our growing own-cash balances as well as a reaffirming our belief in the company's long term growth plan," Boku says. At its current share price, the buyback is worth around GBP7.4 million. The buyback will be run by Investec Bank PLC and will be completed by the end of April. The repurchased shares will be held in treasury to satisfy warrant conversions and staff equity grants.
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