SafeCharge sees FY results in line with market expectations

Advanced payment technologies specialist SafeCharge said on Wednesday that trading ahead of the 2017 year end has been strong and results for the year are expected to be line with market views.

The company said it continues to make "considerable" progress with its strategy of winning Tier 1 customers within both traditional verticals and in new target verticals and markets. The group is benefitting from increasing high quality revenue streams following recent Tier 1 client wins including Plus500, 888, Bet365, Paddy Power and EuroBet.

SafeCharge said it's now processing transactions for a growing number of online retail, travel and airline operators, including being the first to launch WeChat Pay in-store in the UK.

It also pointed to continued investment in infrastructure and processing technologies to support future growth.

"The group will enter 2018 having expanded its Tier 1 customer base, with customers in new sectors, including travel and retail, and new markets, and with a strong pipeline which provides confidence for 2018 and beyond."

In addition, the company announced the appointment of Nicolas Vedrenne as chief business development officer with effect from 1 December.

Chief executive David Avgi said: "He brings over 20 years' experience in senior managerial and business development positions in the payments industry. We will continue to focus and invest further to build our sales teams to accelerate a successful entry into new target sectors and geographies, and I look forward to working closely with Nicolas to enhance this."
Shore Capital said: "We believe that SafeCharge is strongly positioned for continued long-term growth, leveraging a strong market need for its services and ‘sticky’ client relationships."

At 1000 GMT, the shares were up 0.1% to 305.25p.