TIDMEPO
RNS Number : 0722B
Earthport PLC
28 March 2013
28 March 2013
Embargoed until 07:00
Earthport plc
("Earthport", the "Company" or the "Group")
Interim Results
Earthport (AIM: EPO.L), the cross-border payments services
provider, is pleased to announce its unaudited interim results for
the six months ended 31 December 2012.
Financial Highlights
-- Revenue grew 32% to GBP1.83m (H1 2012: GBP1.39m)
-- Gross profit increased by 35% to GBP1.42m (H1 2012: GBP1.05m)
-- Gross margin improved to 77.7% (H1 2012: 75.6%)
-- Loss before taxation and share based payment charges
decreased to GBP3.7m (H1 2012: GBP4.5m)
-- Cash at 31 December 2012 of GBP9.6m (31 December 2011: GBP10.9m)
-- Successful placing in October 2012 raised GBP8.0m gross
Operational Highlights
-- Transaction volumes increased 72% compared to the period ended 31 December 2011
-- 9 new customers were signed in the period and 8 customer implementations went live
o Bank of America N.A. a subsidiary bank of Bank of America
Corporation (NYSE:BAC), contract announced in December 2012
-- Banking network expanded to 55 countries, with more in progress
-- Regulations, such as Dodd Frank 1073 continuing to drive sales pipeline
Post Period Highlights
-- Continued adoption of Earthport's services by major global financial institutions:
o BB&T Corporation (NYSE: BBT), one of the largest financial
services holding companies in the U.S, announced in January
2013
o hyperWALLET Systems Inc., a global payment provider and
processor for corporate entities, announced in March 2013
o American Express(NYSE: AXP) announced in March 2013
Hank Uberoi, Executive Director of Earthport plc, commented:
"We are delighted with the strong progress that the Company
continues to make. Our aim is to become a core part of the global
low value payment infrastructure in conjunction with our Banking
partners and clients.
"Earthport is now providing cross-border payment services to
some of the world's largest financial services companies. It is a
great endorsement for our offering that the world's leaders in the
financial industry have selected Earthport. The Company is at an
exciting stage in its development, having successfully completed
the reorganisation begun in 2010, and as transaction levels
continue to gain momentum.
"We are confident of capitalising on the tremendous
opportunities which are now arising, and look to the future with
confidence as customer launches and service roll-outs are
implemented."
For further information, please contact:
Earthport plc
Hank Uberoi / Paul Thomas/ Chris Cowlard 020 7220 9700
Panmure Gordon
Fred Walsh / Victoria Boxall 020 7886 2500
Charles Stanley Securities
Mark Taylor / Paul Brotherhood 020 7149 6000
Newgate Threadneedle
Caroline Evans-Jones / Josh Royston / Fiona
Conroy 020 7653 9850
About Earthport
Earthport plc, a regulated global financial services
organisation, specialises in the provision of a white label
cross-border payments service.
Through its innovative payments framework, specifically designed
for high volumes of low value cross-border payments, Earthport
provides a cost-effective and transparent service for secure
international payments. Earthport's customers include banks,
foreign exchange businesses, money transfer organisations, payment
aggregators and e-commerce businesses. Through Earthport's well
established payments infrastructure, customers can clear and settle
payments directly to banked beneficiaries in over 50 countries.
The Company is headquartered in London and is listed on the
Alternative Investment Market (AIM) on the London Stock Exchange.
It operates globally with additional regional offices in Dubai and
New York. Earthport plc is authorised and regulated by the
Financial Services Authority under the Payment Service Regulations
2009 for the provision of payment services. To learn more, please
visit www.earthport.com and follow us on Twitter @Earthport.
Introduction
Earthport provides a transparent and cost-effective
white-labelled cross-border payments service, specifically designed
to process high volumes of low value payments with a
straight-through-processing efficiency rate of 99+%.
The Company's service propositions are highly attractive to a
wide range of institutions needing or offering cross border payment
services and who are challenged by the underdeveloped
infrastructure supporting low value cross border payments as well
as the emerging regulatory demands placed on legacy platforms.
During this period, Earthport enjoyed considerable success in
signing contracts with some of the leading businesses across a
number of key sectors - banks, corporates and payments platforms.
Many of these relationships are in the early stages of
implementation, and we anticipate accelerated growth going forward.
Our experience is that while these contracts testify to the appeal
of the Earthport service and long term growth prospects, the
process of on-boarding and rolling out the service offering for
large corporates is elongated.
During the period, nine new customers were signed and eight
customer implementations went live.
Market developments continue to work to Earthport's advantage.
The long term dynamic supporting expansion of global trade remains
in place. Remittance payments are increasingly bank-to-bank
payments as opposed to cash delivery, due to an ever-more global
mobile workforce. eCommerce has grown through the proliferation of
the internet. Regulation, particularly Dodd Frank (DFS 1073) in
North America and SEPA in Europe, are seeking greater transparency
in cross-border payments in terms of cost and delivery timing.
Financial Review
The number of transactions processed increased by 72% compared
to the prior period. This growth occurred primarily from existing
and live clients, and therefore does not reflect as yet the full
impact of the contracts signed over the last year. Revenue for the
six months ended 31 December 2012, increased by 32% to GBP1.83m (H1
2012: GBP1.39m). A portion of growth is attributable to Earthport
processing domestic payments (non-cross border) for customers which
generate a lower fee per transaction, but maintain the overall
transactional margin level.
Gross profit for the period was GBP1.42m (H1 2012: GBP1.05m) and
gross margin increased to 77.7% from 75.6% compared with the prior
period.
Administrative expenses fell by 7% to GBP5.16m (H1 2012:
GBP5.55m), this is mainly due to the capitalisation of IT
development costs amounting to GBP0.65m.
Operating loss, before a share based payment charge of GBP0.77m,
for the six months (H1 2012: GBP0.66m) decreased by 17% to GBP3.74m
(H1 2012: GBP4.50m).
Overall, Earthport's loss before and after taxation fell by 13%
to GBP4.51m (H1 2012: GBP5.19m).
Cash and cash equivalents as at 31 December 2012 were GBP9.6m
(31 December 2011: GBP10.9m) following a successful placing,
raising gross proceeds of GBP8.0m with both existing and new
institutional investors in October 2012. The funds raised will
facilitate the continued growth of Earthport, particularly the
expansion of country coverage, further geographical expansion,
direct sales and channel partner programs.
Review of the Period
Strong progress was achieved during the first half of the
financial year, with several major customer signings and systems
going live. In addition, both network coverage and transaction
volumes increased throughout the period. Transaction volumes grew
by approximately 72% compared to the prior period. Costs have
stabilised and were in-line with the previous period. Base costs
are not expected to increase other than related to specific revenue
producing activities such as delivery of professional services.
During the period, three large banks were signed. These include
Bank of America N.A. which contracted with Earthport to expand its
low-value, cross-border service capability and BB&T
Corporation, which will use the Earthport service for retail person
to person payments, providing a transparent service in line with
the requirements under Dodd Frank 1073 regulation.
Changing regulation, particularly in North America, has driven
increased traction in the sales pipeline, resulting in the
agreement with BB&T and two significant ($100,000+) consulting
engagements; one with an existing customer and one with a new
customer. We expect both engagements to lead to full
implementations in due course. Two further consulting agreements,
unrelated to Dodd Frank, have also been signed with a major
international bank and one of our channel partners.
The Company focused significant effort on supporting the
previously announced partner relationships. Since the start of the
financial year, these partners have contracted with three clients;
two of which are large banks and one is an Asian remittance
business. This is our second Asian based customer following the
signing of the Company's first Asian client earlier in the
period.
While some of the activities detailed above generated
integration and professional services revenues in the first half of
the year, minimal transactional revenue from the above mentioned
clients is included in the revenues to 31 December 2012. Several of
these relationships are expected to start generating transactional
revenues in the second half as services are launched and
go-live.
With some of the world's largest financial services brands now
using Earthport, the business has seen heightened interest in all
forms of cross border activity. In light of a business focus to
serve the banking community, the Company has strived to improve the
quality of customers and transactions. As a result of a business
review, Earthport has taken the step of discontinuing transacting
relationships with three revenue generating clients who do not
align to the Company's stated strategic direction.
From the traction to date, it is clear that Earthport's
low-value, cross-border payments service is starting to be viewed
as a mainstream function of the banking industry. We expect to have
increasing momentum in this space. Transaction volumes follow four
to eight months after contracting with a client, with larger
clients taking longer than smaller ones to adopt the service.
Minimum transaction commitments and professional services revenues
are now providing a significant revenue contribution during the
integration and adoption phase.
Outlook
Earthport's addressable market is significant, and while early
transaction volume increases have been encouraging, they do not as
yet represent the potential scale of the business. Customers that
are signed and live are at the earliest stage of their evolution
and are expected to grow for many years to come. Additionally,
there are several significant customers signed and yet to go live,
and many more potential customers in early discussion stages.
The timing of growth in each customer is difficult to predict as
the sales and implementation process can be protracted. Earthport's
service is replacing an incumbent process within a conservative
market that is historically reticent to implement change; however
expansion is now taking place at an increasing pace. Over the last
18 months in particular, Earthport has experienced increasing
traction with the largest players within the financial services
industry.
The strength of our sales pipeline means our main focus is now
the closure and implementation of deals in our core geographies of
North America, Europe, Russia and the CIS. This will continue into
2013. Areas relatively unexploited thus far by Earthport include
Asia, Latin America and Africa. The Company has made substantial
progress in building out its network to encompass these regions;
providing a base for expansion. Earthport may explore accelerating
its presence through a partnership program ahead of direct
expansion into these regions in future years.
Earthport continued to broaden its reach and consolidate its
market position, and the Board believes the Company is well
positioned to exploit its significant market opportunity.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the six months ended 31 December 2012
Unaudited Unaudited Audited
6 months 6 months 12 months
Ended ended ended
31 Dec 31 Dec 30 Jun
2012 2011 2012
Continuing operations: Notes GBP'000 GBP'000 GBP'000
Revenue 1,825 1,387 3,017
Cost of sales (407) (338) (670)
---------- ---------- ----------
Gross profit 1,418 1,049 2,347
Administrative expenses (5,158) (5,551) (10,825)
---------- ---------- ----------
Operating loss before share-based
payment charge (3,740) (4,502) (8,478)
Share-based payment charge (772) (662) (1,110)
---------- ---------- ----------
Operating loss (4,512) (5,164) (9,588)
Finance income/(costs) 6 (23) (41)
---------- ---------- ----------
Loss before taxation (4,506) (5,187) (9,629)
Taxation - - -
---------- ---------- ----------
Loss and total comprehensive
income (4,506) (5,187) (9,629)
========== ========== ==========
attributable to owners of the
parent
Loss per share - basic and
diluted 4 (1.55p) (2.57p) (3.87p)
========== ========== ==========
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
at 31 December 2012
Unaudited Unaudited Audited
31 Dec 2012 31 Dec 2011 30 Jun
2012
Notes GBP'000 GBP'000 GBP'000
Non-current assets
Intangible assets 1,025 - 535
Property, plant and
equipment 174 211 213
------------ ---------------------- ----------
1,199 211 748
------------ ---------------------- ----------
Current assets
Trade and other receivables 5 1,312 1,110 1,472
Cash and cash equivalents 9,629 10,922 5,766
------------ ---------------------- ----------
10,941 12,032 7,238
------------ ---------------------- ----------
Total assets 12,140 12,243 7,986
Current liabilities
Trade and other payables 6 (469) (844) (581)
------------ ---------------------- ----------
Total liabilities (469) (844) (581)
------------ ---------------------- ----------
NEt ASSETS 11,671 11,399 7,405
============ ====================== ==========
Equity
Capital and reserves
Ordinary shares 7 57,338 51,571 51,571
Share premium 8 53,651 51,318 51,318
Own shares 9 (1,054) (954) (954)
Merger reserve 9,200 9,200 9,200
Share-based payment
reserve 8,103 6,883 7,331
Warrant reserve 1,044 1,312 1,312
Retained earnings (116,611) (107,931) (112,373)
EQUITY ATTRIBUTABLE
TO 11,671 11,399 7,405
============ ====================== ==========
OWNERS OF THE PARENT
CONSOLIDATED STATEMENT OF CASH FLOWS
for the six months ended 31 December 2012
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
31 Dec 31 Dec 30 Jun
2012 2011 2012
Notes GBP'000 GBP'000 GBP'000
NET CASH USED IN OPERATING
ACTIVITIES 10 (3,467) (4,893) (9,442)
INVESTING ACTIVITIES
Purchase of property, plant
and equipment (23) (133) (193)
Capitalised development costs (647) - (611)
---------- ---------- -----------
NET CASH USED IN INVESTING
ACTIVITIES (670) (133) (804)
FINANCING ACTIVITIES
Issue of ordinary share capital
(net of costs paid) 7,812 8,669 8,669
Issue of shares on exercise
of warrants 188 1,815 1,815
Proceeds on issue of convertible
loan notes - 1,638 1,702
---------- ---------- -----------
NET CASH FLOWS FROM FINANCING
ACTIVITIES 8,000 12,122 12,186
---------- ---------- -----------
NET INCREASE IN CASH AND
CASH EQUIVALENTS 3,863 7,096 1,940
CASH AND CASH EQUIVALENTS
AT THE BEGINNING OF THE PERIOD 5,766 3,826 3,826
---------- ---------- -----------
CASH AND CASH EQUIVALENTS
AT THE END OF THE PERIOD 9,629 10,922 5,766
========== ========== ===========
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Six months ended 31 December 2011 (Unaudited)
Share-based
Ordinary Share Own Merger Payment Warrant Retained
Shares Premium Shares Reserve Reserve Reserve Earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 July
2011 43,643 46,560 (954) 9,200 6,221 1,956 (103,388) 3,238
-------- ------- ------- ------- ----------- ------- --------- -------------
Loss for the period,
being total
comprehensive income
for
the period - - - - - (5,187) (5,187)
Transactions with
owners
Share-based payments
-employee share options - - - - 662 - - 662
- warrants - - - - - (644) 644 -
Issue of ordinary
shares 7,290 4,048 - - - - - 11,338
Conversion of loan
notes 964 674 - - - - - 1,638
Cost of Share Issue - (290) - - - - - (290)
Total transactions
with owners 8,254 4,432 - - 662 (644) 644 13,348
Balance at 31 December
2011 51,897 50,992 (954) 9,200 6,883 1,312 (107,931) 11,399
-------- ------- ------- ------- ----------- ------- --------- -------------
Six months ended 31 December 2012 (Unaudited)
Share-based
Ordinary Share Own Merger Payment Warrant Retained
Shares Premium Shares Reserve Reserve Reserve Earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 July
2012 51,571 51,318 (954) 9,200 7,331 1,312 (112,373) 7,405
-------- ------- -------- ------- ----------- ------- --------- --------
Loss for the year,
being total
comprehensive income
for
the year - - - - - - (4,506) (4,506)
Transactions with
owners
Share-based payments
- employee share options - - - - 772 - - 772
- warrants 188 - - - - (268) 268 188
Issue of ordinary
shares 5,579 2,522 (100) - - - - 8,001
Cost of share issues - (189) - - - - - (189)
Total transactions
with owners 5,767 2,333 (100) - 772 (268) 268 8,772
Balance at 31 December
2012 57,338 53,651 (1,054) 9,200 8,103 1,044 (116,611) 11,671
-------- ------- -------- ------- ----------- ------- --------- --------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Year ended 30 June 2012 (Audited)
Share-based
Ordinary Share Own Merger Payment Warrant Retained
Shares Premium Shares Reserve Reserve Reserve Earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 July
2011 43,317 46,886 (954) 9,200 6,221 1,956 (103,388) 3,238
-------- ------- ------- ------- ----------- ------- --------- -------
Loss for the year,
being total
comprehensive income
for
the year - - - - - - (9,629) (9,629)
Transactions with
owners
Share-based payments
- employee share
options - - - - 1,110 - - 1,110
- warrants 1,650 165 - - - (644) 644 1,815
Issue of ordinary
shares 5,270 3,689 - - - - - 8,959
Conversion Loan
notes 1,334 868 - - - - - 2,202
Cost of share issues - (290) - - - - - (290)
Total transactions
with owners 8,254 4,432 - - 1,110 (644) 644 13,796
Balance at 30 June
2012 51,571 51,318 (954) 9,200 7,331 1,312 (112,373) 7,405
-------- ------- ------- ------- ----------- ------- --------- -------
notes to the INTERIM results
for the six months ended 31 December 2012
1. GENERAL INFORMATION
Earthport plc is a public limited company incorporated and
domiciled in the England and Wales under the Companies Act 2006.
The address of its principal place of business and registered
office is 21 New Street, London EC2M 4TP.
2. GOING CONCERN
The interim financial information has been prepared on the
assumption that the Group is a going concern.
When assessing the foreseeable future the directors have looked
at a period of twelve months from the date of approval of the
interim financial information. The forecast cash-flow requirement
of the business is contingent upon the ability of the Group to
generate future sales. The uncertainty as to the timing of the
future growth in sales, together with the potential impact on the
follow-on funding arrangements require the directors to consider
the Group's ability to continue as a going concern. Notwithstanding
this uncertainly, the directors believe that the Group has
demonstrated progress in achieving its objective of positioning the
Group as an infrastructure supplier to the global payments
industry, and therefore consider that it is appropriate to prepare
the Group's interim financial information on a going concern basis,
which assumes that the Company is to continue in operational
existence for the foreseeable future.
3. ACCOUNTING POLICIES
Basis of preparation
The interim financial information is prepared using accounting
policies consistent with International Financial Reporting
Standards ("IFRS") as adopted by the European Union.
The financial statements have been prepared under the historical
cost convention and the principal accounting policies are set out
in the 30 June 2012 financial statements.
notes to the INTERIM results
for the six months ended 31 December 2012
4. LOSS PER SHARE
Loss per share is calculated by dividing the loss attributable
to equity holders of the Company by the weighted average number of
ordinary shares in issue during the period.
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
31 Dec 31 Dec 30 Jun
2012 2011 2012
GBP'000 GBP'000 GBP'000
Loss attributable to owners
of the parent (4,506) (5,187) (9,629)
========== ========== ================
Number Number Number
Weighted average number of ordinary
shares in issue 295,781 207,537 254,142
---------- ---------- ----------------
(thousands) (5,878) (5,451) (5,451)
Less: own shares held 289,903 202,086 248,691
========== ========== ================
Basic and fully diluted loss
per share (pence) (1.55p) (2.57p) (3.87p)
========== ========== ================
The loss attributable to Ordinary shareholders and weighted
average number of ordinary shares for the purposes of calculating
the diluted loss per share are identical to those used for basic
loss per ordinary share. This is because the exercise of share
options and other benefits would have the effect of reducing loss
per share and is therefore not dilutive under the terms of IAS33
"Earnings per share".
5. TRADE AND OTHER RECEIVABLES
Unaudited Unaudited Audited
31 Dec 2012 31 Dec 2011 30 Jun 2012
GBP'000 GBP'000 GBP'000
Trade receivables 462 411 706
Other receivables 526 384 412
Prepayments 324 315 354
------------ ------------ ------------
1,312 1,110 1,472
============ ============ ============
notes to the INTERIM results
for the six months ended 31 December 2012
6. TRADE AND OTHER PAYABLES
Unaudited Unaudited Audited
31 Dec 2012 31 Dec 2011 30 Jun 2012
GBP'000 GBP'000 GBP'000
Trade payables 103 430 171
Other payables 6 17 3
Other taxation and social security 165 217 174
Accruals and deferred income 195 180 233
------------ ------------ ------------
469 844 581
============ ============ ============
Trade payables and accruals principally comprise amounts
outstanding in respect of operating costs. The directors consider
that the carrying amounts for trade and other payables approximate
their fair value.
7. SHARE CAPITAL
Authorised
The Articles of Association were amended on 24 March 2010. The
Company has no authorised share capital limit.
Issued
6 months 6 months 12 months
ended Ended Ended
31 Dec 2012 31 Dec 2011 30 Jun 2012
GBP'000 GBP'000 GBP'000
At start of period (Dec 2012: 285,123,463; 28,512 20,258 20,258
Dec 2011: 202,580,300) ordinary shares 10p each
Shares issues in the period 5,579 5,270 5,270
Exercise of warrants 188 1,650 1,650
Conversion of 2011 Loan Notes - 963 963
Conversion of 2009 Loan Notes - 371 371
------------ ------------ ------------
At end of period (Dec 2012: 342,793,064; 34,279 28,512 28,512
Dec 2011: 285,123,463) ordinary shares 10p each
Deferred shares of 7.5p each: 307,449,792 23,059 23,059 23,059
------------ ------------ ------------
Total 57,338 51,571 51,571
============ ============ ============
On 22 October 2012 the Company raised gross proceeds of GBP8m by
placing and issuing 55,186,372 new ordinary shares of 10p each.
Deferred shares carry no rights to receive any dividend nor
other distribution. The holders of the deferred shares have no
rights to receive notice, nor attend, speak or vote at any general
meeting of the Company. On a return of capital on liquidation or
otherwise, the holders of the deferred shares are entitled to
receive the nominal amount paid up on the deferred shares after the
repayment of GBP10,000,000 per ordinary share.
notes to the INTERIM results
for the six months ended 31 December 2012
8. SHARE PREMIUM
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
31 Dec 2012 31 Dec 2011 30 June 2012
GBP'000 GBP'000 GBP'000
At start of period 51,318 46,886 46,886
Premium on shares issued 2,522 4,722 4,722
Expenses of share issues (189) (290) (290)
------------ ------------ -------------
At end of period 53,651 51,318 51,318
============ ============ =============
9. OWN SHARES
Unaudited Unaudited Audited
31 Dec 2012 31 Dec 2011 30 Jun 2012
GBP'000 GBP'000 GBP'000
At the start of period 954 954 954
Shares issued to Joint Share Ownership Plan 100 - -
------------ ------------ ------------
At the end of period 1,054 954 954
============ ============ ============
10. RECONCILIATION OF LOSS BEFORE TAX TO NET CASH OUTFLOW FROM
OPERATING ACTIVITIES
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
31 Dec 2012 31 Dec 2011 30 Jun 2012
GBP'000 GBP'000 GBP'000
Loss before taxation (4,506) (5,187) (9,629)
Amortisation of intangible assets 157 - 76
Depreciation of property, plant and equipment 62 55 113
Share-based payment charge 772 662 1,110
Finance (income)/costs (6) 23 41
------------ ------------ ------------
Operating cash out flow before movements in (3,521) (4,447) (8,289)
working capital
Decrease/(Increase) in receivables 160 (439) (801)
(Decrease)/Increase in payables (112) 16 (311)
------------ ------------ ------------
Cash used by operations (3,473) (4,870) (9,401)
Interest received/(paid) 6 (23) (41)
------------ ------------ ------------
Net cash used in operating activities (3,467) (4,893) (9,442)
============ ============ ============
notes to the INTERIM results
for the six months ended 31 December 2012
11. PUBLICATION OF NON-STATUTORY FINANCIAL STATEMENTS
The results for the six months ended 31 December 2012 and 31
December 2011 are unaudited and have not been reviewed by the
auditor. The results for the year ended 30 June 2012 do not
constitute statutory financial statements as defined in section 434
of the Companies Act 2006, but have been derived from the full
audited financial statements for the year ended 30 June 2012.
Statutory accounts for the year ended 30 June 2012, on which the
auditors gave an audit report which was unqualified and did not
contain a statement under section 498(2) or (3) of the Companies
Act 2006, have been filed with the Registrar of Companies.
12. The interim results for the six months ended 31 December
2012 are available on the Company's website: www.earthport.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR PGUCAWUPWGMM
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