LONDON (Alliance News) - AIM-listed Earthport PLC Wednesday said it is going to concentrate on generating recurring revenue, leading the cross-border payments company to review some of the products it currently offers.
Earthport, which counts banks and money transfer companies among its customers, said that broadening acceptance of its business model has stimulated demand for its services in the last six months, prompting the company to accelerate its investment in staff, the areas it serves, and its product development.
"Given the size of the opportunity and resulting management demands, the company is increasing focus on significant, demonstrable and recurring revenue, and putting under review some products and segments which are not core to the strategy," Earthport said in a statement.
Earthport, which said it will detail its future strategy when it reports annual results, said that revenue increased by about 78% to GBP19.3 million in the year ended June 30. Making use of unaudited figures, the trading update said that like-for-like revenue grew by more than 55%.
Earthport shares were up 6.3% at 41.98 pence on Wednesday morning in London.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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