Prepaid Financial Services (PFS) announces circa 60%+ growth in turnover and profit for half year to 30.6.2016

by PaymentsJournal 0

Prepaid Financial Services Limited(PFS) continues to enjoy substantial growth and is well on track to exceedrevenue and profit targets for 2016. New client acquisitions and growth ofexisting client programs, assisted by ongoing diversification and automation ofnew payment service offerings, has seen the value of funds loaded by clientsincrease by 70% over the corresponding period in 2015. As a result, revenueshave increased 63% and profit from operations by 59% for the same comparativeperiods.

Comparative figures for the first 6months of 2015 and 2016 are as follows:

2015 (£ million)

2016 (£ million)

YOY Variance

Sales

12,853

20,907

+62.66%

Direct costs

9,243

14,984

+62.11%

Gross margin

3,610

5,923

+64.07

Overheads

1,867

3,153

+68.88

Operating profit

1,743

2,770

+58.92%

Other income*

0,002

1,185

EBIT

1,745

3,955

+126.65%

PFS will continue to commitresources and costs to improve service delivery, operations and security,including PCI certification.

Noel Moran, CEO said: “ We arepleased with the progress made in the first six months of 2016 and areconfident of maintaining the growth rate for the remainder of the year. Weexpect to exceed our target of £5m Operating Profit for 2016 and our goal is tocarry this growth forward into 2017 and beyond.”