Proactiveinvestors United Kingdom - Consumer Finance RSS feed Proactiveinvestors United Kingdom - Consumer Finance feed en Sat, 20 Jan 2018 11:11:02 +0000 Genera CMS Mortgage Advice Bureau chief says technological shake-up will create opportunities Tue, 09 Jan 2018 10:49:00 +0000 Mortgage start-up BlueZest targets yield seekers with first retail bond issue Fri, 08 Dec 2017 13:40:00 +0000 Visa plans to offer incentives to UK firms to go cashless Fri, 14 Jul 2017 13:24:00 +0100 Midpoint Holdings Ltd raising new capital with share placing Tue, 29 Mar 2016 13:32:00 +0100 Midpoint Holdings welcomes start-up specialist adviser to board Thu, 05 Nov 2015 11:35:00 +0000 Visa consolidates with US$23bn buy of European arm Mon, 02 Nov 2015 17:45:00 +0000 Midpoint raises cash through share placement Thu, 29 Oct 2015 16:06:00 +0000 Midpoint Holdings is the real deal for FX traders Tue, 04 Aug 2015 19:48:00 +0100 Visa posts a record second quarter

Shares of Visa (NYSE:V) gained 4% today as the company posted 25% higher earnings more during the third quarter 2015 than a year ago thanks to 10% more payments made using its network.

The payment service giant earned US$1.7 billion US after payments to preferred shareholders, compared to earnings of US$ 1.36 billion for the same quarter in 2014. Earnings per share were 69 cents, compared to 54 cents US a year earlier, easily beating analyst expectations of 58 cents a share, as compiled by FactSet.

Visa processed some US$1.2 trillion in payments during the quarter, 11% more than in Q2 of 2014. Visa earns a small percentage of each transaction processed through its network. Net revenue reached US$3.52 billion compared to US$3.15 billion year over year.

Separately, Visa, which is one of FIFA’s most visible and largest sponsors on Thursday urged the formation of an independent committee deal with corruption within international soccer/football’s supreme governing body.

"We consider the management of our company, our brand and our customers with the utmost importance and we try to conform ourselves to the highest standards and work with those who think and act like us," said Visa’s CEO, Charlie Scharf, during a conference call following the release of earnings yesterday.

Scharf warned that he found FIFA’s response to the scandal related to anything from bribes to match fixing, “is quite inadequate and continues to prove that it is not aware of the importance of the changes needed," he said.

Visa, along with other major companies exposed to FIFA risk, has called for the creation of an independent commission of inquiry.

Fri, 24 Jul 2015 22:05:00 +0100
Visa guides for slower profit growth in current quarter on weak crude, strong dollar Visa (NYSE:V), the world's largest credit and debit card company, said earnings growth will probably be slower than previously thought in the current quarter, weakened by continued pressure from lower crude prices and a strong dollar.

The San Francisco, California-based company said in a statement late yesterday that forecast third-quarter earnings per share 6-8 cents lower than analysts' expectations. Analysts on average are expecting the company to earn 65 cents per share, according to Capital IQ.

Visa doesn’t issue cards or set interest rates, but charges fees to financial institutions for transactions that travel over its payments network. Visa earns international transaction revenues through cross-border transactions and currency conversion, making it sensitive to foreign-exchange fluctuations.

The dollar has gained about 22 percent in the past 12 months against a basket of major currencies.

For the fiscal second quarter ended March 31, net income fell to $1.55 billion, or $0.63 per share, from $1.6 billion, or $0.63 per share, in the same period a year earlier.

Revenue rose to $3.41 billion from $3.16 billion.

Analysts projected earnings of $0.62 per share on revenue of $3.34 billion.

“While the negative impacts from the strengthening of the U.S. dollar and lower gasoline prices continued to exert pressure on revenue growth, our results and volume trends have remained strong,” chief executive officer Charlie Scharf said in the statement.

Last month, Costco Wholesale said Visa, along with Citigroup, won the sought-after contract for its credit-card business, replacing American Express in a move that will significantly expand the kind of plastic that is accepted at the warehouse giant. Starting on April 1, 2016, Visa will be the only brand accepted at Costco.

Visa is investing in new technology aimed at accelerating mobile and other forms of digital payments and striking deals with merchants as consumers demand more rewards.

Visa, along with Pizza Hut and Accenture also presented a connected car idea during the Mobile World Congress in Barcelona, Spain.

The connected car would allow customers to order and pay for pizza without picking up the phone or leaving the vehicle.

Mastercard reported on Wednesday that first-quarter net income rose 17 percent to $1.02 billion, helped by a lower tax rate and a decline in expenses. The company said lower gas prices hurt U.S. purchase volume by 2 percent.


Fri, 01 May 2015 14:52:00 +0100
Visa Q4 EPS tops estimates as customer spending abroad improves; shares surge Visa (NYSE:V) surged to a an all-time high after the world’s largest payments network reported fiscal fourth-quarter earnings that surpassed Wall Street’s expectations thanks to improved customer spending abroad.

Shares soared 10 percent to $236.03 at 1:57 p.m. in New York, after hitting a record high of $236.41.

Adjusted profit, which includes a litigation expense, was $2.18 a share in the July-to-September quarter, the Foster City, California-based company said in a statement late yesterday. That result beat the $2.10 average estimate of 32 analysts.

Overall, net income fell 10 percent to $1.07 billion, or $1.72 a share, from $1.19 billion, or $1.85, a year earlier.

Revenue jumped 8.6 percent to $3.23 billion year-over-year. Analysts had estimated $3.19 billion.

Cross-border transactions expanded 10 percent on a constant dollar basis in the fourth quarter. Payment volume growth rose 11 percent to $1.2 trillion on the same basis.

Visa is benefiting from a global shift to electronic payments from cash and checks and is working with startups and technology companies including Apple, as more transactions are made online and by mobile phone.

The company said the mobile payment industry would be "a great driver" for business. 

"We have our traditional ways of doing business but ... we see the mobile opportunities in both the developing, the less developed and the developed world being great drivers," the company’s chief executive officer Charlie Scharf said on a conference call.

The company also announced a new $5 billion stock buyback program. Visa said earlier this month it would increase its quarterly dividend 20 percent to 48 cents.






Thu, 30 Oct 2014 18:10:00 +0000
Visa slides after cutting full-year revenue forecast Visa Inc. (NYSE:V), the biggest component in the Dow Jones Industrial Average, fell in midday trading after reducing its revenue forecast for the rest of the fiscal year.

Shares slipped 3.7 percent to C$214.54 at 3:8 p.m. in New York.

Revenue for the fiscal year ending Sept. 30 may climb 9 percent to 10 percent from a year earlier, the San Francisco, California-based company said in a statement late yesterday. 

That’s down from an April forecast of 10 percent to 11 percent, in part because of results in regions beset by military conflict such as Russia, Ukraine and the Middle East, said Chief Executive Officer Charlie Scharf, also citing weakness in China, Argentina and Venezuela.

Visa as well as Mastercard will also likely be hurt by a drive by the Russian government to establish a national payments system, which follows the suspension of services for customers of Russian banks affected by sanctions earlier this year.

President Vladimir Putin has signed a new law that would have forced the two companies to deposit collateral of $2.9 billion to continue operating in the country.

Russia accounts for 2 percent of Visa's total revenue, most of it coming from cross border transactions and the recent actions by Russia target Visa's domestic business.

The comments on Russia came as the company reported fiscal third quarter net income of $1.4 billion, an increase of 11 per cent over the prior year.

Total operating revenue rose 5.1 percent to $3.16 billion.

Analysts on average had expected a profit of $2.10 per share on revenue of $3.15 billion.

Visa's payment volumes on a constant dollar basis rose 11.5 percent to $1.19 trillion in the quarter.




Fri, 25 Jul 2014 20:45:00 +0100
Visa may post Q1 net rise after closing bell  

Visa Inc. (NYSE:V), the world's largest payments network, is projected to report a stronger first-quarter profit when it releases its earnings report after U.S. markets close on Wednesday.

Thirty-one analysts, on average, are modeling a quarterly profit of $1.81 cents a share on $2.85 billion in revenue, compared with $1.51 cents a share the company earned a year earlier.

The shares slid 1.3 percent to $166.33 before market close in New York on Wednesday.

Visa, which has a market value of $109.9 billion, has gained approximately 9 percent so far this year, compared with a gain of 11 percent for the S&P 500 Index (INDEXSP:.INX).

The current consensus among 37 analysts is to "buy" the stock.

Visa's rival, Mastercard Inc. (NYSE:MA), the second-biggest U.S. payments network, reported on Wednesday first-quarter revenue that missed analysts' estimates. Revenue increased 8.4 percent to $1.91 billion from a year earlier, trailing the $1.93 billion estimated by 29 analysts.


Wed, 01 May 2013 20:53:00 +0100
Visa Q4 results beat the Street on international business growth  

Credit card processor Visa (NYSE:V) late Wednesday posted fourth quarter results that beat analysts’ expectations, sending its shares higher Thursday.

Shares were up 3.364 per cent as at about 2:30 p.m., trading at $143.81.

For the quarter ended September 30, Visa said its net income was $1.7 billion or $2.47 per diluted share, nearly double the $880 million, or $1.27 in the year-ago period.

Excluding certain items, adjusted net income was $1 billion or $1.54 per diluted share. 

Revenue rose 15 per cent year-over-year to $2.73 billion.

Analysts polled by FactSet had expected per share earnings of $1.50 on revenue of $2.68.

"Visa delivered strong financial performance for the fourth quarter and full year, a result of our focus on growing our core business, accelerating expansion of our business outside the U.S and investing in next-generation technologies that will define the future of payments," said chairman and CEO Joseph Saunders.

"With our solid record of growth and sound strategy, Visa has a strong foundation for continued long-term growth as technology-enabled change continues to shape our global market.” 

Payments volume growth on a constant dollar basis, for the three months ended June 30 - on which fiscal fourth quarter service revenue is recognized, was up six per cent over the prior year at $978 billion.

Payments volume growth on a constant dollar basis, for the fourth quarter was also up six per cent over the prior year at $1 trillion.

Visa said cross-border volume growth, on a constant dollar basis, increased 10 per cent and total processed transactions, which represent transactions processed by VisaNet, were up two per cent year-over-year to 14 billion.

Service revenues were up 14 per cent to $1.3 billion, data processing revenues rose 15 per cent to $1.1 billion. 

International transaction revenues, which are driven by cross-border volume, grew five per cent to $796 million.

Visa said other revenues, which include the Visa Europe licensing fee, were $172 million, flat compared to the prior year. 

Client incentives were $563 million and represent 17 per cent of gross revenues.

Total reported operating expenses were up 18 per cent in the fourth quarter, to $1.2 billion.

Cash, cash equivalents, restricted cash, and available-for-sale investment securities were $10.5 billion as at September 30.

Looking ahead to 2013, Visa said it expects annual net revenue growth in the “low double digits”, with adjusted diluted earnings per share growth in the “high teens”.


Thu, 01 Nov 2012 18:35:00 +0000
Visa Q2 profit up 30% as card use rises Credit card processor Visa (NYSE:V) late Wednesday said profit for its fiscal second quarter grew 30 percent as credit card use rose in the U.S. and overseas.

For the first quarter ended March 31, Visa said its net income was $1.3 billion, or $1.60 per share. Revenue rose 15 percent to $2.6 billion. Wall Street analysts were expecting a profit of $1.51 per share on revenue of $2.48 billion.

"Our strong financial performance this quarter was fueled by continued growth of U.S. credit products, strong cross border spending and expansion of Visa's core business in international markets," said Visa's chairman and chief executive officer Joseph Saunders.

"Across the globe Visa's business continues to expand at a healthy pace, the result of our commitment to continued expansion in our core business as well as our ability to leverage innovative payment technologies."

The company said Americans rang up 12 percent more on their cards for the quarter. Debit card use grew by only 4 percent to $284 million, however, the slowest growth in a year.

The company also forecast that earnings per share for the full fiscal year would increase by a percentage in the "high teens to low twenties."

However, sentiment surrounding Visa is being hurt as the company reveals the Justice Department asked it for information on its debit card pricing strategies.

The company disclosed that it received a "civil investigative demand" on March 13 from the Antitrust Division of the U.S. Department of Justice for documents and information about its response to a new law and rules limiting debit card fees.

Earlier Wednesday, rival Mastercard (NYSE:MA) posted a 21 percent rise in first-quarter earnings as consumers spent more and revenue rose faster than expenses.

For the first three months of the year, Mastercard said net income was $682 million, or $5.36 per share, compared with $562 million, or $4.29 per share, a year earlier. Analysts on average had expected a profit of $5.30 per share, according to Thomson Reuters.

Cardholders made $629 billion of purchases worldwide during the quarter, up 17 percent from a year earlier, the company said.

The number of transactions processed increased 29 percent to 7.7 billion.

Thu, 03 May 2012 13:11:00 +0100
Visa Q1 profit up 16%, announces $500 mln stock buyback plan Visa (NYSE:V) reported a 16 percent hike in first quarter earnings late Wednesday, and announced a $500 million share repurchase authorization.

For the three months that ended December 31, the credit card giant posted net income of $1.03 billion, or $1.49 per share, up 16.4 percent from $884 million, or $1.23 per share, a year ago.

Total revenues increased 13.8 percent to $2.55 billion, from $2.24 billion in the same period last year, as the company processed a total of 13.6 billion transactions - eight percent more than it did a year ago.

Analysts had expected earnings of $1.45 per share, on revenue of $2.43 billion, according to Thomson Reuters.

"Visa's core businesses drove a strong start to fiscal 2012," said CEO Joe Saunders.

"We achieved solid financial and operational performance as we continued to benefit from the secular shift to electronic payments.  Consumers' desire to use our products is evident in the strong growth we see outside the U.S. and the resiliency we are seeing in the U.S. in the wake of debit regulation.

"We remain intensely focused on further growing our international business, partnering with financial institutions, merchants, technology providers and governments."

Service revenues, which are based on payment volumes in the prior quarter, hiked 14.2 percent to $1.15 billion in the latest period.

Total payment volume during the fourth quarter of fiscal 2011 - recorded in the company's fiscal first quarter - rose 13 percent over the year-ago period to $971 million. In the latest quarter, payment volumes increased 11 percent to $994 million, Visa said.

Cross-border volume growth for the latest quarter rose 13 percent, reflecting strong international growth, the company said, leading its international transaction segment to post $748 million in revenues, up 18.7 percent.

Data processing revenues increased 12.7 percent to $951 million.

The company said "other revenues", which include the Visa Europe licensing fee, were up 11 percent to $178 million.

The company also said it reduced its class A common stock count by 16.2 million shares, funded by $1.6 billion in cash on hand. About $75 million of that was used for stock repurchases.

Visa's board of directors approved a $500 million share repurchase program, which will start in February 2013. The board has also approved a 22-cents per share quarterly cash dividend, payable on March 6.

Looking forward, the company said it expects low double-digit revenue growth for the 2012 fiscal year, and earnings growth in the high teens.

In New York, shares of the San Francisco, California-based company rose 3.83 percent in pre-market trading Thursday to $112.50, as of 8:17 am EDT.

Thu, 09 Feb 2012 13:18:00 +0000
Brown to acquire Arrowhead for $395 mln Brown & Brown (NYSE:BRO), a diversified insurance company, has agreed to acquire Arrowhead General Insurance Agency in a deal worth $395 million.

Shares rose 10 cents, or 0.46 percent, to reach at $21.86 each in today’s trading session in New York.

Brown said it would buy Arrowhead from Spectrum Equity Investors, JMI Equity and a management equityholder group.

The purchase price is subject to adjustments for some items such as Arrowhead’s working capital, net tax operating losses and debt.

Depending on Arrowhead’s adjusted earnings in the last year, an additional $5 million might be paid three years after closing, the company said.

The acquisition is slated to close in January 2012, and Brown plans to fund the transaction with cash. The deal is subject to customary closing conditions and regulatory approval. 

Brown’s president Powell Brown said that with the addition of Arrowhead to the company’s programs division it should significantly expand the depth of its insurance carrier relationships and the products and services it offers to its distribution partners. 

He also noted: "It is expected that this transaction will increase our total annual revenues and number of team members by approximately 10 percent."

The company said Arrowhead will continue to operate in its current location within the greater San Diego, California area. It is expected to have revenues of roughly $105 million this year.

Arrowhead’s Chris Walker will retain his role as CEO, and has been named the regional executive vice president of Brown & Brown.

Brown & Brown through its subsidiaries offers a wide-range of insurance and re-insurance products and related services.

Fri, 16 Dec 2011 16:04:00 +0000
Visa buys mobile-focused Fundamo for $110m, signs comercial deal with Monitise Visa (NYSE:V), the world’s largest credit and debit processor, said on Thursday that it has purchased South African-based mobile financial services firm Fundamo for $110 million in cash, and also announced the company has struck a long-term commercial deal with Monitise (LON:MONI), a provider of financial services for institutions.

"Fundamo's expertise in delivering mobile financial services in developing economies presents us with an important long-term opportunity to grow our business and drive financial inclusion in key geographic markets," said chairman and CEO of Visa, Joseph W. Saunders.

The cash-transaction is expected to wrap up today. Visa said the acquisition would slightly dilute its earnings per share in the year ending Sept 30, 2011.

The deal is in line with Visa’s strategy to provide payment services in developing markets to customers, either using a card or mobile device, Visa said.

Mobile financial services are often limited in scalability and reach and are not inter-operable with other regional or global payment services, but Fundamo's platform would close this gap, providing person-to-person payment, airtime top-up, bill payment and branchless banking services.

Fundamo, a privately-held company, has more than 50 active mobile financial services across more than 40 countries, which include 27 countries in Africa, Asia and the Middle-East. Currently, the company has five million subscribers with the potential to reach an extra 180 million consumers with mobile financial services.

Visa also said today that it signed a commercial contract with Monitise to expand its mobile financial services to banked and un-banked Visa account holders.

Monitise’s platform will allow Visa account holders outside the U.S. to make utility payments, buy phone minutes and transit ticketing through their mobiles.

In addition, Monitise and Visa plan to launch mobile banking services in the U.S. like mobile payments, mobile transaction alerts and mobile marketing offers. Monitise shares were up 5.98% to trade at $27.82 on Thursday as of 10:40 a.m. EST.

Thu, 09 Jun 2011 16:30:00 +0100
Visa To Buy Digital Payment Processor PlaySpan For $190 Million Visa (NYSE:V) said today it has agreed to acquire privately-held PlaySpan for $190 million in cash to further expand in the digital and mobile commerce space.

Playspan, based in Silicon Valley, provides a payment processing solution for transactions involving digital goods from online games and social networks.

PlaySpan’s payment solution provides sellers of virtual goods with support in areas like fraud-prevention, risk management, analytics, and merchandizing.

Playspan is backed by venture capital funds such as TimeWarner Investments, Vodafone Ventures and GE Asset Management.  

Visa notes that a study by JPMorgan Chase found that global ecommerce sales reached an estimated $948 billion in 2010.

Visa also noted that studies by Forrester Research and PricewaterhouseCoopers show that within the e-commerce category, digital goods spending reached $25 billion globally during the same year.  Those studies estimate digital good spending will reach $280 billion by 2014. 

In the first quarter of 2011, Visa reported a 25% year-over-year growth in its e-commerce payment volumes.

The acquisition is expected to be slightly dilutive to Visa's 2011 earnings per share.

The acquisition, subject to regulatory approval and customary closing conditions, is expected to be completed in the second quarter.

Wed, 09 Feb 2011 17:46:00 +0000
Visa and Monitise team up to launch mobile financial services in India Monitise (LON:MONI) has tapped into the world’s second largest mobile market after forming a 50/50 joint venture with retail electronic payments network Visa (NYSE:V) to offer a range of mobile financial services to Indian consumers.

The JV will provide a technology platform for Indian-operating financial institutions and mobile network operators to accelerate the delivery of mobile financial services such as banking, bill payments, ticketing services and mobile top-ups. The new company will combine Visa's expertise in enabling secure, globally interoperable financial transactions with Monitise's know-how in developing mobile financial networks and technology for a broad range of handsets.

India had an estimated 584 million mobile phone subscriptions at 31 March 2010.

Visa stated that the JV will expand the acceptance of digital currency in India and enable the migration of US$700 billion of annual consumer spending from cash to electronic form of payments.

“This exciting extension of our successful partnership with Visa will enable providers of financial services to have a single secure and convenient link to offer a wide range of services via a mobile.  India's mobile market offers tremendous growth opportunities for this joint venture and for our customers,” said chief executive of Monitise Alastair Lukies.

Shares in Monitise added 6.6% on the news.

Wed, 26 May 2010 18:25:00 +0100
All change for the mortgage market? Watching the mortgage market over the last few years has been like watching paint dry but things are about to get customers coming to market, interest rate changes and massive overhauls in technology are all reasons why investors are now watching closely. Peter Brodnicki of the Mortagage Advice Bureau (LON:MAB1) tells Proactive why intermediaries...or brokers...are now perfectly placed to adjust to this swiftly-evolving marketplace.

Tue, 09 Jan 2018 08:31:00 +0000
BlueZest launches programme of secured retail bonds Robert Ainscow, director of funding at BlueZest, discusses with Proactive their recently launched programme of secured retail bonds.

BlueZest is a mortgage company and Ainscow says they'll be extending mortgage loans to individuals.

The three mortgage products they'll be  delivering are buy-to-let mortgages, a development loan to developers who have post-development security to offer as collateral and an SME loan.

''The rationale behind the structure of the bond is to deliver retail investors a level of security that's not been seen before in the retail market'', Ainscow says.

The bonds will pay an interest rate of 5.25%pa

Fri, 08 Dec 2017 13:28:00 +0000
Midpoint Holdings chief says FX platform gaining traction Mon, 14 Sep 2015 18:35:00 +0100