Boku (AIM:BOKU), a publicly-listed provider of mobile payment solutions, has announced its audited results for 2022, showing a net profit after tax of $28.9 million, which is an increase of 31.71% on a yearly basis, compared to $24.6 million reported a year earlier.

Boku Reports Higher Revenue and Net Profit

According to the company's filing from Tuesday, the revenues were up 3% to $63.8 million compared to $62.1 million reported for 2021. The results would have been even better, but the "significant currency headwinds" negatively impacted overall revenues. On a constant currency basis, revenues came in at 14% higher than a year earlier.

Boku increased its active user base in the month to 52.3 million, which is up 28% in December 2022. Over the whole of last year, almost 57 million new users made their first payments using the company's services.

"2022 has been a breakout year. Boku's growth became primarily driven not by DCB, but by mobile wallets and account-to-account/real time payments. By the end of the year, nearly 7% of our Monthly Active Users and more than double that percentage of our revenue came from these newer payment methods," Jon Prideaux, the Chief Executive of Boku Inc, commented.

Throughout 2022, the company successfully launched its services in China through integration with Alipay and WeChat wallets, and it signed 150 new launches with existing customers, including Apple, Amazon, Netflix, Google, and Spotify.

At the beginning of the year, the company reported that it assumed revenue growth of 9% in the second half of 2022 compared to the same period in 2021. It ultimately reported more than double than expected with revenue growth of 21% for the period.

Boku Signs LPM Contract with Amazon

One of the major moves to develop the company in the second half of 2022 was the signing of a multi-year global Local Payment Method (LPM) contract with Amazon. LPMs are popular payment methods in specific jurisdictions and geographical locations, which can be characteristic of a particular continent or country.

"Trading in January and February 2023 was strong and with new customer wins and launches, such as the new multi-year Amazon LPM contract, Boku is well set for further progress into the Big Pond," Boku added.

According to the financial report, Boku saw strong volume growth of 700% in LPMs, including eWallets, in 2022. Monthly active users grew 230% to 3.8 million in December 2022, compared to the 1.1 million users reported in the same period a year earlier. Meanwhile, the number of new LPMs users increased by 200% to 8.4 million.

Shares Rebound from October's Low

After publishing the full 2022 report, Boku's shares rebounded on the London Stock Exchange after the Tuesday opening bell by 4.21% to £129.5. However, during Monday's session, the payment company re-tested its lowest levels since October 2022.

Since last year's low set in September at £77.00, Boku's shares have rebounded by almost 70% and are significantly more expensive than on the day of their IPO in 2017 when they cost less than £75.