Earthport's revenues increased by 33% to £30.3m in the year to the end of June, which, it said, was in line with market expectations. Transactional revenues comprised approximately 95% (FY2016: 91%) of total revenue and adjusted gross profit increased by 30% to £20.7m but the adjusted gross margin of 68% was down from 70% last time. Adjusted losses before interest, tax, depreciation and amortisation decreased by 58% to £2.9m and ajusted operating loss (before share based payments charge, exceptional items and unrealised fair value adjustments) decreased by 39% to £6.3m mainly due to the increase in revenue and achievement of cost efficiency objectives. After-tax losses increased by 47% to £12.1m, mainly due to unrealised fair value loss of £4.8 million, compared to a gain of £8.2 million in FY2016. Chief executive Hank Uberoi said: 'FY2017 has been a positive year for Earthport, with good progress made across the business. 'We are committed to a long-term strategy of continuing to develop the world's leading cross-border payment platform, enabling global commerce through effortless money movement. 'Through our services we can enable our clients and partners to accelerate the growth of their cross-border payments businesses without taking on additional business complexities. 'Above all, we place emphasis on enhancing the customer experience by harmonising our suite of products and services, further streamlining our internal processes, and simplifying products for our customer base. 'We believe that the wider macro-economic environment is favourable, and that opportunities for growth remain in both established markets and developing economies. 'The progress made in FY2017 has established a solid platform from which we can continue to grow, and we look forward to FY2018 with confidence in both our operational and financial performance.'
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