LONDON (Alliance News) - Payments company Earthport PLC on Monday said its pretax loss widened in the first half of its financial year but revenue grew thanks to higher transactions on its platform.
Earthport said its pretax loss for the half year to the end of December was GBP5.6 million, widened from GBP5.3 million a year earlier, mainly due to losses on foreign exchange and derivatives and due to investments made in the business.
Revenue grew 18% year-on-year to GBP10.6 million from GBP9.0 million, despite being held back by restructuring in some non-core business lines.
Transactions via Earthport's platform rose 70% in the half, with more than three-quarters of the growth coming from pre-existing customers. The value of the transactions conducted also increased, up 60% year-on-year.
"Earthport's model continues to see strong traction in the market, evidenced by the growth of existing client relationships and scope and scale of opportunities in the pipeline. From this juncture, the potential for Earthport to address the flaws of the traditional cross-border payments model is clear and the opportunity is significant," said Chief Executive Hank Uberoi.
Earthport shares were down 6.3% to 16.88 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.