www.planetpayment.com
Planet Payment [LSE:AIM:PPT and PPTR; OTCQX:PLPM] is a leading international payment and data processor, providing banks and their merchants with innovative solutions to accept, process and reconcile payments, anytime, anywhere and in any currency.
Its customer base of more than 40 acquiring banks and processors stretches from North America, to the Middle East, to Asia Pacific, including China, Hong Kong, Macau, Taiwan, Malaysia and India. Planet Payment is headquartered in New York and has offices in Atlanta, Beijing, Bermuda, Delaware, London, Hong Kong, Shanghai and Singapore. Visit www.planetpayment.com for more information on the Company and its services.
Planet Payment expects strong finish to 2011 as it turns a profit in first nine months
Planet Payment (LON:PPT, LON:PPTR, OTCQX:PLPM) today revealed a 40 per cent increase in net revenue for the first nine months of the year.
Net revenues for the three quarters, ended September 30, came in at US$29.5 million compared with US$21.0 million in the same period of last year. The firm’s consolidated gross billings increased by 64 per cent to US$70.9 million.
The company said that the fourth quarter will be the strongest period of the fiscal year. It estimates that net revenue will reach US$41-42 million during the full year and gross consolidated billings will be US$98-$102 million.
Full year net income is estimated at US$2.6m and adjusted earnings is expected to reach US$6 million.
The group’s improved performance comes as it continues to increase volumes across it multi currency payment processing platform.
This morning Planet Payment revealed that settled multi-currency dollar volumes increased 76 per cent to US$1.6 billion and the number of merchants using its platform increased by 84 per cent during the period. The group’s services are now being used in over 25,000 locations.
“During the first nine months of 2011, the Company continued to expand its acquiring customer base in both existing and new markets,” the company said.
It added: “In addition, in response to market demand, we accelerated the expansion of our business development and relationship sales teams ahead of plan, in order to take advantage of market opportunities.”
In a separate statement this morning Planet Payment announced that a special meeting of shareholders will be held at the firm’s office in New York on January 18 to approve a number of matters in relation to a proposed initial public offering in the United States.
