Excellent26 Aug 2015 08:25
RNS....LONDON, MONTREAL and NEW YORK (26 August, 2015) - Optimal Payments Plc (LSE AIM: OPAY, "Optimal Payments", the “Group” or the "Company") today announces its results for the six months ended 30 June 2015. Note the performance for the period does not include any contribution from Skrill, which completed after the period end.
Highlights Strong performance in line with expectations:
Revenues up 40.2% to $223.0m (H1 2014: $159.1m)
Adjusted EBITDA(1) up 27.9% to $49.9m (H1 2014: $39.0m)
Adjusted profit after tax increased by 18.7% to $37.3m (H1 2014: $31.4m); statutory profit after tax reported at $2.4m (H1 2014: $27.5m).
Adjusted diluted EPS(2) increased 11.4% to $0.12 (H1 2014: $0.11); statutory fully diluted EPS at $0.01 (H1 2014: $0.10)
NETELLER Stored Value (“SV”) business: revenues up 20.1% to $49.8m (H1 2014: $41.4m) in spite of the weakness of the Euro against the USD.
NETBANX Straight Through Processing (“STP”) business: revenues up 47.4% to $173.0m (H1 2014: $117.4m), incorporating revenue from the acquired US businesses.
Group cash and cash equivalents of $113.3m (31 December 2014: $109.9m) – excludes cash raised on rights issues of $685.3m:
Reporting of cash and cash equivalents restated to exclude settlement assets and restricted cash (held for NETELLER members and merchants) and cash held as reserves(3) to provide a more transparent analysis of the Group’s cash position
Free cash flow(4) of $29.9m (H1 2014: $10.9m).
Significant progress on key strategic initiatives:
The acquisition of Skrill, announced on 23 March 2015 and completed 10 August 2015, positions the Group as a market leader in the fast growing and profitable stored value, payment processing and prepaid sectors with the ability to process over 100 payment types in more than 20 languages and over 40 currencies. The enlarged Group will have an increased customer and geographic diversification with further upside potential from cross selling opportunities. The integration of Skrill and subsequent delivery of synergy benefits is proceeding in accordance with our plans.
Successful integration of US businesses Meritus and GMA (acquired H2 2014) into NETBANX STP division – with both businesses trading strongly.
Acquisition of FANS Entertainment (‘FANS’), a mobile platform developer based in Montreal, to offer an application with analytics for merchants to engage more directly with their customers.
During H1 2015, as a result of these initiatives, we have incurred restructuring costs of $4.1m and acquisition costs of $12.4m.
Good progress made in acquiring and card issuing services divisions and NETELLERGO! (for ecommerce merchants outside of gaming) contributing to further growth and diversification of the business.
Main market listing