SafeCharge enjoys revenue jump in ‘landmark’ first half

Payment service provider SafeCharge has declared the six months to June 30, 2014 as a ‘landmark period’ for the company after it recorded widespread growth in the first half of the year.

The firm posted revenue of $34.4 million (€26.6 million) over the six months, representing a 77% increase on the $19.4 million achieved in the corresponding period last year.

Gross profit jumped by 78% from $11.5 million in H1 of 2013 to $20.3 million this year, while adjusted earnings before interest, tax, depreciation and amortisation also rocketed by 117% from $5 million last year to $10.8 million in the first half of 2014.

In addition, adjusted profit before tax also increased from $4.5 million in the first half of 2013 to $10.3 million in the first six months of this year.

The first half also included a successful initial public offering (IPO), which generated $125 million before expenses, in addition to the launch of new customers in the form of leading brands such as Ladbrokes and FXDD.

Roger Withers, non-executive chairman of SafeCharge, said: “The first half of 2014 was a landmark period for the group.

“We completed a successful, oversubscribed IPO that was strongly supported by blue chip institutional investment funds and operationally, the business performed strongly, exceeding management and market expectations. 

“Our growth is driven primarily by the growth of international internet penetration and the rapid development of e-commerce as a powerhouse in retail, financial services and currency trading platforms.

“Our strong momentum and clearly identified growth opportunities mean that the board looks to the future with strong confidence.”

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