Sign up United Kingdom
Proactive Investors - Run By Investors For Investors

SafeCharge shares up as new customer wins fuel profit growth

The payments technology company said it had made a good start to the second half of 2018, benefiting from continued growth from its existing customers and further new client wins
SafeCharge shares up as new customer wins fuel profit growth
SafeCharge said its advanced technology and innovative approach to payments were gaining increased market recognition

Shares in SafeCharge (LON:SCH) jumped on Thursday after the online secure payments group reported strong growth in first-half profit, fuelled by new customer wins and a growing sales pipeline.

SafeCharge, whose technology is used by companies such as Paddy Power Betfair (LON:PPB) and Domino’s Pizza (LON:DOM), said underlying earnings (EBITDA) rose 15% to US$18mln (£13.8mln) in the six months to the end of June on sales 26% higher at US$77.8mln.

READ: SafeCharge wins contract with Paddy Power Betfair

The AIM-listed company increased the interim dividend by 15% to 8.86 cents per share.

"Thanks to intensified marketing efforts and a strengthened sales team, SafeCharge's robust infrastructure, advanced technology and innovative approach to payments are gaining increased market recognition,” CEO David Avgi said in a statement.

“This resulted in Tier 1 customer wins and a strong sales pipeline. Significant revenue growth is also being achieved from existing customers," he added.

The payments technology company said it had made a good start to the second half of 2018, benefiting from continued growth from its existing customers and further new client wins.

SafeCharge also said that Jeremy Nicholds, had resigned as a non-executive director and that it had kicked off a search for a new non-executive chairman ahead of Roger Withers’ retirement.

Shares in SafeCharge were 4% up at 317.50p in early trade.

View full SCH profile View Profile

SafeCharge Interntational Timeline

Related Articles

Talent meter
March 07 2018
Underlying profits are up 20% year-on-year and net fee income should be around 17% higher
credit cards
July 08 2018
The group is already seeing good progress at its US contact centre business
Intellectual property sign
April 11 2018
The AIM-listed intellectual property group’s investments were worth £8mln as at the end of December 2017, helped by the additions of The Vaccine Group and water pollution tester Molendotech

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use