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Planet Payment Announces 2010 Annual Results

LONG BEACH, N.Y., March 22, 2011 (GLOBE NEWSWIRE) -- Planet Payment, Inc. (OTCQX:PLPM) (LSE:PPT) (LSE:PPTR), a leading international payment and data processor, today announced its results for the year ended December 31, 2010 and quarterly results for the three month period ended December 31, 2010. During both periods, the Company again delivered solid results, showing strong growth:

2010 Financial Highlights
  • Total revenue increased 37% to $64.7m (2009: $47.3m).
  • Gross Profit increased 26% to $20.5m (2009: $16.3m).
  • Multicurrency Revenue increased 56% to $52.1m (2009: $33.3m).
  • Adjusted EBITDA of $1.8m, a substantial improvement over $0.5m in 2009. See Table 1 in Exhibit 1 for reconciliation of net loss to Adjusted EBITDA.
  • Net loss improved 18% to ($3.3m) (2009 loss: $4.0m).
  • Cash flow from operations of $0.3m a 133% improvement (2009: ($0.9m)).

Fourth Quarter 2010 Financial Highlights
  • Total revenue increased 50% to $21.4m (Q4 2009: $14.2m).
  • Multicurrency Revenue increased 67% to $18.0m (Q4 2009: $10.8m).
  • Gross Profit grew 44% to $6.8m (Q4 2009: $4.7m).
  • Adjusted EBITDA improved 286% to $1.8m (Q4 2009: $0.5m). See Table 1 in Exhibit 1 for reconciliation of net loss to Adjusted EBITDA.
  • Net loss improved to $0.6m (Q4 2009 loss: $0.9m).
  • Cash flow from operations of $1.5m, a 400% increase (Q4 2009: 0.3 m).

2010 Operational Highlights
  • Broadened international reach:
  • Launched multicurrency processing services in Singapore, Sri Lanka, the Maldives, Brunei, the Philippines, the United Arab Emirates and South Africa.
  • Canada—commenced domestic and multicurrency processing services in support of a new multi-card acquirer.
  • Active merchant locations grew 66% to approximately 16,760.
  • Expanded relationships, entering into agreements with:  
  • Bank of Communications, China to provide multicurrency solutions in China.  
  • Global Payments Asia Pacific for Pay In Your Currency® services in four countries in the region.
  • Global Payments North America, for multicurrency POS and e-commerce solutions in the United States and Canada.
  • Renewed multicurrency processing services agreements with Fifth Third Processing Solutions and TSYS Acquiring.  
  • Total settled transaction volume increased 33% to $2.9 billion (2009: $2.2 billion).  

Current Trading Highlights – First Quarter 2011
  • Total revenue projected to increase approximately 60% to over $21.0m (Q1 2010: $13.2m).  
  • Multicurrency Revenue projected to increase approximately 80% to $18.0m (Q1 2010: $10.0m).  
  • Agreement for Pay in Your Currency at ATMs with Fifth Third Processing Solutions.  

  Commenting on the results, Philip Beck, Chairman of Planet Payment, Inc., said:

"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. As a result of our success in increasing customer adoption of our products, we achieved a substantial improvement in our financial results in 2010.  2011 appears to have started with strong growth and we look forward to an exciting year."

Additional analysis of the Company's performance can be found in the "Financial Overview" section of the Chairman's statement appended to this release. Copies of the Company's Annual Report and Accounts for 2010 will be sent to shareholders in April together with the Notice of the 2011 Annual Meeting, which is to be held in June 2011 in New York.  Copies of this announcement are available on the Company's website at .  In accordance with the rules of the OTCQX market, the Company's Annual Report for 2010, including its Audited Consolidated Financial Statements, as of and for the year ended December 31, 2010 have been posted on the OTCQX website at and on the Company's website at Copies of the Annual Report will also be available on request, through the Annual Reports service and on the Company's website upon publication.


Planet Payment, Inc. Robert J. Cox, CFO        At Redleaf on March 22, 2011

Redleaf Polhill  (UK PR for Planet Payment)  Emma Kane/Rebecca Sanders-Hewett/Henry Columbine   Tel: +44 20 7566 6700

HJMT Communications, LLC (US PR for Planet Payment)  Hilary Topper / Kristie Galvani / Lisa Gordon    Tel: 516 997 1950

Canaccord Genuity Ltd (UK) (Nomad for Planet Payment)  Mark Williams / Andrew Chubb  Tel: +44 20 7050 6500

Canaccord Genuity, Inc. (US) (DAD for Planet Payment)  Andy Viles  Tel: +1 617-371-3900

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.

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