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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.

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