Published On: Tue, Mar 17th, 2015

Teddy Sagi’s SafeCharge revenues up 78% to $76.9 million in 2014

Teddy Sagi PR

Teddy Sagi’s SafeCharge International (LSE: SCH) , a global provider of payment services for online and mobile businesses since 2007, has substantially hikes FY pretax profit to $16.3 million, from $0.45 million. Revenue was $76.9 million, from $43.2 million. It recommended a final dividend of 5.28 cents a share, taking the total to 8.16 cents a share.

The Company’s wholly owned subsidiary, SafeCharge Limited, is an authorized Electronic Money Institution regulated by the Central Bank ofCyprus and a principal member of MasterCard Europe and Visa Europe. The SafeCharge group has operations in the UK,  Cyprus, Bulgaria, Israel, Germany, Austria and Ireland.

CEO David Avgi said:

“After a transformational year of progress, December saw record monthly revenues and earnings. This momentum has continued into the first three months of 2015 and we have enjoyed very strong trading.

“In 2015, we will continue to develop our technology and products and grow the business into new market and industries, enabling us to benefit from operational leverage.”

 

Financial highlights:

• Revenues up 78% to US$76.9 million (2013: US$43.2 million)

• Gross Profit up 79% to US$44.5 million (2013: US$24.9 million)

• Adjusted EBITDA up 119% to US$24.7 million (2013:US$11.3 million)

• Adjusted net profit up 122% to US$21.3 million (2013: US$9.6 million)

• Cash flows from operations US$20.8 million (2013:US$10.8 million)

• Reported profit after tax US$14.4 million (2013: loss US$1.3 million)

• Cash balances at year end of US$146.5 million (2013: US$11.8 million)

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