Friday March 28, 2014 : GOOD 2013 PERFORMANCE FOR ONLINE PAYMENTS COMPANY
Optimal Payments plc boasts exceptional results.
Optimal Payments plc, an online financial processing company that includes Neteller among its subsidiaries, has posted what it boasts is an "exceptional" 2013 full year report.
Highlights from the report include:
* EBITDA up 89 percent to $52.2 million (2012: $27.6 million);
* Revenues up 41 percent to $253.4 million (2012: $179.1 million);
* Net Profit after tax $31.5 million (2012: $1.2 million).
The Neteller subsidiary recorded a significant turnaround in stored value business, with revenues up 54 percent to $59.8 million (2012: $38.8 million) as initiatives started in 2012 continued to deliver benefits.
The company's Netbanx straight through processing business achieved revenues up 39 percent to $193 million (2012: $138.9 million) with continued strong growth in Asia.
Group cash of $93.8 million (31 December 2012: $57.9 million) is available, with free cash of approximately $38 million (31 December 2012: $15 million)
Optimal reduced its loans liability to $9.5 million by year end 31 December 2013 (31 December 2012: $25.8 million) and has subsequently cleared all debts w.e.f. 28 January 2014 and is now materially debt free.
Management reports that strategic initiatives are progressing well:
* Principal membership with Visa Europe and MasterCard Europe has been granted enabling Optimal Payments to offer acquiring services to merchants in the European Union from the second half of 2014, and to benefit from competitive rates and increased market opportunity;
* New Neteller and Net+ products launched in the US in March 2014 and a US office has been opened;
* More US states including California, New York and Pennsylvania considering licensing online gaming following recent New Jersey, Delaware and Nevada regulation and rollout. Revenue impact depends upon the timing of the opening of individual states;
* Continued focus on identifying possible M&A candidates;
* Significant investment in people and technology planned in 2014, including payments services for regulated US online gaming, payment acquiring, mobile payment technologies and card issuing.
* Strong current trading and sales pipeline underpin prospects for further growth in 2014.