SafeCharge announced Record Financial Results 

SafeCharge (AIM: SCH), the global provider of payments services, technologies and risk management solutions for online and mobile businesses, announced its maiden preliminary results for the full year ended 31 December 2014.

Financial highlights

• Revenues up 78% to US$76.9 million (2013: US$43.2 million)
• Gross Profit up 79% to US$44.5 million (2013: US$24.9 million)
• Adjusted EBITDA* up 119% to US$24.7 million (2013:US$11.3 million)
• Adjusted net profit* up 122% to US$21.3 million (2013: US$9.6 million)
• Cash flows from operations US$20.8 million (2013:US$10.8 million)
• Reported profit after tax US$14.4 million (2013: loss US$1.3 million)
• Cash balances at year end of US$146.5 million (2013: US$11.8 million)
• Recommended final dividend of 5.28 US$ cents per share, giving total 2014 dividend of 8.16 US$ cents per share

*Adjusted EBITDA and Adjusted net profit are calculated after adding back certain non-cash charges and cash expenses relating to professional costs incurred in respect of the Company’s Initial Public Offering and terminated projects, acquisition costs, goodwill impairment and share-based payments charge (See Consolidated Statement of Comprehensive Income).

Current trading

The strong trading and momentum generated by the Group’s core business in the last quarter of 2014 has continued into 2015 with January and February proving to be very strong months.

Operational highlights

• Successful, oversubscribed IPO in April 2014 raising US$125 million before expenses
• Attained Principal Membership of VISA Europe
• Granted approval for Issuing Activity by MasterCard Europe
• Achieved authorisation as an Electronic Money Institute
• Signed 250 new customers (2013: 185)
• Launch of significant new customers, including Sports Betting operator Ladbrokes, Game developers JoyFun and Gaijin as well as FX brokerages Finsa and FXDD
• Successful launch of an innovative automated onboarding solution
• Winner of Payments Company of the Year at the eGaming Review B2B Awards
• Completed acquisitions of 3V Transaction Services Limited and CreditGuard Limited after the year end.

Roger Withers, Chairman of SafeCharge, said:

“It is a privilege to present such an outstanding set of results in our first year as a public company. I congratulate David Avgi and the whole of the SafeCharge team, for an excellent performance during a landmark period for the group. We entered the year trading strongly with financial strength to pursue our stated M&A strategy.”

David Avgi, CEO of SafeCharge, said:

“After a transformational year of progress, December saw record monthly revenues and earnings. This momentum has continued into the first three months of 2015 and we have enjoyed very strong trading. In 2015, we will continue to develop our technology and products and grow the business into new market and industries, enabling us to benefit from operational leverage.”

Source: SafeCharge

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