NET REVENUE INCREASES 10%
NET LOSS ($0.4m) MILLION; ADJUSTED EBITDA $1.9m
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.
- 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.