Optimal Payments boosted by NETELLER and NETBANX in H1

Online payments provider Optimal Payments has cited the performances of its NETELLER and NETBANX services as the driving forces behind significant year-on-year growth during the first six months of this year.

The firm reported revenue of $159.1 million ($123.1 million) in the first half of 2014, up 34% from $118.4 million in the same period last year.

Earnings before interest, tax, depreciation and amortisation also jumped 54% from $25.5 million last year to $39 million in the six months through to June 30, 2014.

In addition, net profit grew by 91% from $14.1 million in H1 of 2013 to $27.4 million this year, while gross margin increased from 53% to 55%.

Optimal Payments highlighted the performances of its NETELLER and NETBANX services as two of the main reasons behind this overall growth.

NETELLER revenue increased by 46% to $41.1 million, while revenue for the firm’s NETBANX service jumped by 31% to $117.4 million, due in part to continued growth in Asia.

Joel Leonoff, president and chief executive officer of Optimal Payments, said: “We are delighted with our first half results, which show strong revenue and EBITDA growth from NETELLER and NETBANX.

“The attainment of principal membership status with Visa and MasterCard in Europe should help fortify our NETBANX business throughout Europe based on more competitive rates and a stronger offering.

“Our European version of NETELLER continues to demonstrate impressive growth while our US NETELLER release is gaining traction and is extremely well positioned to leverage off new US markets regulating and re-opening the doors for US based online gaming.”

source : www.igamingbusiness.com

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