SafeCharge, a payment processing technology provider, has published its interim results for the six months ended 30 June 2018. Building on from its strong performance in 2017, the firm has yet again reported strong operational and financial results.
SafeCharge is a major payment technology providers in the financial and gaming industries. During the first half of 2018, the firm experienced strong revenue growth, increasing by 26 per cent to reach $66.8 million. This is in comparison to the same time period in 2017, when $53.0 million in revenue was recorded. According to the report, this growth was driven by attracting new clients and expanding the relationships with its existing customers.
Gross profit also saw nice growth, climbing to $36.6 million. This is 20 per cent higher than the first half of 2017, which had a gross profit of $30.4 million. SafeCharge also recorded a 15 per cent uptick in adjusted EBITDA to $18.0 million.
During the first half of this year, the company achieved some impressive operational results. The amount of processed volume jumped by a significant 59 per cent year-on-year to hit $6.7 billion. The payments processing provider also saw a 27 per cent growth in the value of transactions processed through its own acquiring platform.
Commenting on the results, David Avgi, CEO of SafeCharge, said: “I am pleased to report a strong set of results for the first half of 2018. Thanks to intensified marketing efforts and a strengthened sales team, SafeCharge’s robust infrastructure, advanced technology and innovative approach to payments are gaining increased market recognition.
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We are only at the beginning of our journey. Our highly scalable proprietary Payments Engine has been designed to deliver superior performance translating into a better user experience and increased revenues for our customers.”
Jeremy Nicholds leaves SafeCharge
In addition to announcing its first-half results, SafeCharge also announced today that non-executive director Jeremy Nicholds has resigned from his position on the board. According to the announcement, he will continue to work for the company until September 30, 2018.
Nicholds has been working at SafeCharge since October 2016. During his career, he has held a suite of executive, senior and advisory roles at a number of companies such as Visa, Mastercard, NatWest and Thomson Reuters.
The board has also begun to look for a replacement for Roger Withers, the Non-Executive Chairman of SafeCharge. This is in anticipation of his retirement.
Commenting on Nicholds departure, Withers said: “On behalf of the Board I would like to thank Jeremy for his significant contribution to the Company and wish him the best.”