Safecharge cashing in on new products and new clients

16th Sep 2015 14:48

(ShareCast News) - A combination of new products, diversified client portfolios, a very strong pipeline and many new clients has led to a 44% increase in revenue for Safecharge.The global provider of payments services, technologies and risk management solutions for online and mobile businesses announced their interim results for the six months to 30 June.Revenue is up to $49.5m from $34.4m for the same period last year.The company's gross profit was also up 40% to $28.5m.It follows their successful launch on VISA acquiring services, and over 100 new customer wins in the core processing business.SafeCharge chief executive David Avgi is pleased with "another set of very strong financial results"."We have continued to develop and expand our technology base and product offering, particularly our acquiring services and issuing capabilities."With our strong current trading and pipeline, we look forward to the rest of the year with confidence and optimism."Shore Capital equity research analyst Robin Speakman is buoyed by the results."Looking behind the reported results, growth metrics remain strong, increasing our confidence level for the current period and beyond."Speakman says Safecharge's headcount continues to grow and they're resourcing continuing growth."Customer churn is indicated to remain low and we note momentum in new customer additions in the period and strong pipeline as indicated by management."Safecharge's stock is up 0.27% to 277.75p at 1427 BST.