Earthport Regulatory News (EPO)

20 Apr 2007 15:46

Earthport PLC20 April 2007 20 April 2007 Earthport plc ("Earthport" or the "Company") 3rd Quarter Trading Update Earthport is pleased to announce that unaudited 3rd Quarter revenue increased by133% compared to the same period last year - from £120,000 to £280,000 - and by39% compared with the 2nd Quarter (£201,000). This revenue growth wasunderscored by a substantial increase in transaction volume, with paymenttransactions volume up in excess of 100% since January. This is demonstrated bydata showing the transaction volume in March 2007 was nearly double the level inJanuary 2007. Earthport Executive Chairman, Mike Harrison commented, "We are delighted withour continued progress, and look forward to this growth continuing into the 4thQuarter with the addition of several new clients currently being integrated intothe Earthport payment gateway. Our migration away from direct sales, choosing topartner with sophisticated channel partners in the payments industry is provingvery effective." Earthport has developed and paid for a banking and technology platform which isnow in the early stages of commercial use for transforming the traditionalpayments model from a cross-border transaction service to a globalliquidity-management model, thus reducing fees and settlement times for sendingmoney around the world. The company's main asset is a global network ofsegregated trust accounts, which allows Earthport to move other people's moneyand which facilitates making local payments for international money transfers in190 countries in 19 currencies. David Fife, Earthport CEO remarked, "Our presence in local markets and ourability to settle in local currency is at the heart of our value-add. Wefunction, in some respects, as a single, global multi-currency account, helpingmiddle-market companies to transact and bank globally." - ends - Press enquiries:Mike Harrison, Chairman - earthport plc +44 20 7220 9700Mark Ashurst - Canaccord Adams Limited +44 20 7050 6500Lulu Bridges/Polly Hutchinson - Tavistock Communications +44 20 7920 3150 This information is provided by RNS The company news service from the London Stock Exchange