(Sharecast News) - Mobile payment technology provider Boku reported a 23% improvement in group revenues in its 2021 results on Tuesday, to $69.2m (£52.95m).
The AIM-traded firm said group adjusted EBITDA was up 31% at $20m, while it swung to an audited net profit before tax of $4.4m for the 12 months ended 31 December, from a loss of $17.3m in 2020.
Closing cash balances totalled $62.4m at year-end, including restricted cash balances of $5.8m, which was up from $48.6m a year earlier.
Monthly average cash balances, which smooth the impact of intra-month flows of both carrier and merchant payments, were $50.8m in December, up from $38m in June.
Cash generated from operations before working capital changes during the year came in at $19.5m, compared to 2020's figure of $11.5m.
"Going forward, 2022 will see the emergence of Boku as a pure-play payments company, with the leading position in direct carrier billing and rapid growth in other local payment methods, such as e-wallets and real time payments," said chief executive officer Jon Prideaux.
"We will invest further in building out our network and systems.
"This year we will broaden our M1ST network, grow existing merchants, recruit more new merchants who do not use us for DCB and expand into new territories."
Prideaux said non-direct carrier billing payments would, for the first time, be a material part of the firm's growth.
"Trading so far this year has started well, with growth in e-wallets and real time payments to the fore.
"Monthly active users on these methods exceeded 1.4 million in February - 10 times the figure a year before.
"Our cash balances are strong and I look forward to the remainder of 2022 and beyond with considerable confidence."
At 1205 BST, shares in Bolu were down 2.88% at 118p.
Boku (BOKU)