Earthport's revenue increase helps trim losses

Earthport, the cross-border payments specialist, has cut losses by 65% last year as revenues grew by a third.

In a trading update on Monday, Earthport reported an EBITDA loss of £2.4m for last year, significantly down from the £6.9m the year before.

This was driven primarily by a 33% increase in revenue to £30.3m, made up principally from the company's existing client base. It also saw gross profit increase almost 30% to £20.7m on last year's £15.9m.

Earthport stated the total amount of transactions increased by just less than half to $17.5bn from $11.8bn, and that the total number of transactions jumped up 67% to 11m from 6.6m. Average revenue per transaction however, dropped to £2.64 from £3.12.

The company's cash balance had also dropped to £11.9m from £14.4m a year ago.

"Given the current business and operational trajectory, we are pleased that financial year 2017 transactional performance, revenues, and year-end cash balance were in-line with market expectations. This positive momentum, coupled with our unique market positioning, gives us confidence in our continued growth and prospects," the company said.

As of BST 1249 shares had risen 5.06p to 20.75p