Earthport interim revenues jump but loss widens on rising costs

A growing pipeline of customers saw interim revenues and gross profits at global payments company Earthport more than double.Revenues jumped 172% to £9.02m, increasing 102% on a like-for-like basis, while gross profit soared 175% to £7.04m.However, losses before tax rose 11% to £5.37m, with the group citing a sharp increase in administrative expenses as the main driving factor behind the widening loss.Administrative costs jumped 58.2% to £9.29, while the company also booked a £1.89m share based payment charge and an adjustment on unrealised fair value losses amounting to £1.25m.The London-listed company said it had signed 17 new customers in the second half of the year compared with 12 in the previous six months, while eight projects went live throughout the period, adding it now had 32 customers under contract and in implementation stage ahead of going live."Our pipeline of new customers continues to grow whilst significant embedded revenue potential remains a large opportunity with existing clients," said group chief executive Hank Uberoi."We are therefore confident of a successful full-year and beyond."Earthport shares were down 1.70% to 42.03p at 09:35 on Wednesday.