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Planet Payment Reports First Half 2012 Results

Stocks in this article: PPT



LONG BEACH, N.Y., Aug. 15, 2012 (GLOBE NEWSWIRE) -- Planet Payment, Inc. (LSE:PPT) (LSE:PPTR) (OTCQX:PLPM), a leading provider of international payment processing and multi-currency processing services, today announced its results for the six months ended June 30, 2012.

During the first half of 2012, the Company achieved the following operating results:

Financial Highlights

  • Net revenue for the period increased 10% to $21.8m (H1 '11: $19.9m).
  • Consolidated Gross Billings increased 23% to $57.7m (H1 '11: $47.0m). (See Table 2 for explanation of this metric).
  • Gross Foreign Currency Mark-up increased 25% to $50.2m (H1'11: $40.2m). (See Table 2 for explanation of this metric).
  • Net (loss) income decreased to ($0.4m) (H1'11: $1.0m), after expenses relating to the Branded Payment Solutions Ltd acquisition, as well as certain other professional fees, totalling $0.3m.
  • Adjusted EBITDA for the period was $1.9m (H1 '11: $2.6m). See Table 1 for reconciliation of net (loss) income to Adjusted EBITDA.

Operational Highlights

  • Total active merchant locations increased by 50% to 34,172 as of June 30, 2012 (as of June 30, 2011: 22,825). (See Table 2 for explanation of this metric.)
  • Settled multi-currency dollar volume processed increased 24% to $1,309m (H1 '11: $1,057m).
  • Entered into a number of new contracts, notably a global agreement with China UnionPay.
  • Launched services with Global Payments Canada, Vantiv ATMs in the United States, Mashreq UAE, Citibank Philippines, Citibank Hong Kong and Banorte Mexico.
  • Acquisition of Branded Payment Solutions Ltd, which the Company believes will enable it to implement additional value-added solutions at a merchant's point of sale.

Our results reflect a 50% increase in active merchant locations over the last twelve months and growth of 23% and 25% in Consolidated Gross Billings and Gross Foreign Currency Mark-up respectively in the first half of 2012 compared to the same period in 2011.  The growth in our financial results, however, was muted by a number of factors. The challenging economic climate, which our merchants and their customers are facing, led to a decline in net revenue per merchant location. The increase in our operating costs compared to 2011 primarily reflects additions to technology and support personnel to invest in the growth of the business and future launches into new markets. Notwithstanding the economic climate, we believe that the growth in the key operating metrics of active merchant locations, Consolidated Gross Billings and Gross Foreign Currency Mark-up are indicative of the underlying strength of our business 

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