Planet Payment, Inc. (LSE: AIM: PPT and PPTR; OTCQX: PLPM), a leading international multi-currency payment and data processor, provides the following update on its trading for the fourth quarter and year ended 31 December 2010.
Management estimates that total revenue for the full year 2010 increased by more than 35% to over $64m (2009: $47.3m). This growth was led by new merchant deployments with processors and banking customers in the United States and Asia Pacific region. Revenue from core multi-currency processing services increased by more than 50% to over $51m (2009: $33m).
Management estimates that total revenue for the fourth quarter 2010 increased by approximately 48% to approximately $21m (Q4 2009: $14.2m), and by approximately 35% compared to the third quarter 2010 (Q3 2010: $15.5m). Revenue from core multi-currency processing services for the fourth quarter 2010 increased 55% to approximately $17.0m (Q4 2009: $11m), and by approximately 36% compared to the third quarter 2010 (Q3 2010: $12.5m).
The Company also estimates that it has achieved a significant improvement in adjusted EBITDA for the fourth quarter, as compared to the third quarter of 2010 and expects to show substantially increased adjusted EBITDA for the full year in 2010, as compared to fiscal year 2009. (Adjusted EBITDA comprises net income excluding interest, taxes, depreciation and amortization, non-cash stock-related expense and certain other non-cash expenses.)Planet Payment will announce its preliminary results for the period ended 31 December 2010 in mid March 2011. “Our services help acquirers open new sales channels, merchants sell more goods and services and cardholders enjoy informed choice and transparency at the point-of-sale, ” comments, Philip Beck, Chairman of Planet Payment, Inc. “We are pleased that our efforts in 2010 have achieved increased revenue, resulting in positive cash flows and adjusted EBITDA for the fourth quarter. We believe that the Company is well placed for continued strong growth for 2011” Forward-Looking Statements. Information contained in this announcement may include ‘forward-looking statements’. All statements other than statements of historical facts included herein, including, without limitation, those regarding the financial position, business strategy, plans and objectives of management for future operations of both Planet Payment and its business partners, are forward-looking statements. Such forward-looking statements are based on a number of assumptions regarding Planet Payment’s present and future business strategies, and the environment in which Planet Payment expects to operate in future, which assumptions may or may not be fulfilled in practice. Implementation of some or all of the new services referred to is subject to regulatory, or other third party approvals. Actual results may vary materially from the results anticipated by these forward-looking statements as a result of a variety of risk factors, including the risk that implementation, adoption and offering of the service by processors, acquirers, merchants and others may take longer than anticipated, or may not occur at all, regulatory changes and changes in card association regulations and practices; general economic risk and volume of international travel and commerce and others. Additional risks may arise with respect to commencing operations in new countries and regions of which Planet Payment is not fully aware at this time. See the Company’s Quarterly Reports for prior periods, filed at www.otcqx.com for other risk factors which investors should consider. These forward-looking statements speak only as to the date of this announcement and cannot be relied upon as a guide to future performance. Planet Payment expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this announcement to reflect any changes in its expectations with regard thereto or any change in events, conditions or circumstances on which any statement is based. About Planet Payment Planet Payment’s Common shares trade in the UK on AIM under the symbols PPT for unrestricted Common shares and PPTR for Reg S Common shares and in the United States on the OTCQX under the symbol PLPM.