LONDON, September 21, 2016 /PRNewswire/ --
Prepaid Financial Services Limited (PFS) continues to enjoy substantial growth and is well on track to exceed revenue and profit targets for 2016. New client acquisitions and growth of existing client programs, assisted by ongoing diversification and automation of new payment service offerings, has seen the value of funds loaded by clients increase by 70% over the corresponding period in 2015. As a result, revenues have increased 63% and profit from operations by 59% for the same comparative periods.
Comparative figures for the first 6 months of 2015 and 2016 are as follows:
2015 (GBP million) 2016 (GBP 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 commit resources and costs to improve service delivery, operations and security, including PCI certification.
Noel Moran, CEO said: " We are pleased with the progress made in the first six months of 2016 and are confident of maintaining the growth rate for the remainder of the year. We expect to exceed our target of £5m Operating Profit for 2016 and our goal is to carry this growth forward into 2017 and beyond."
Notes to editors
* Other Income note; In June 2016, Visa Inc. acquired Visa Europe. PFS is a principal member of Visa and was required to sell its share in Visa Europe to Visa Inc. and, as compensation, received a lump sum cash payment and a number of Series B Convertible Participating Preferred Stock issued by Visa Inc.. The lump sum received, plus foreign exchange gains from trading activities, comprise the Other Income figure.
About Prepaid Financial Services:
Prepaid Financial Services (PFS) is an award winning payments technology specialist offering a comprehensive range of e-money and banking solutions including e-wallets, physical and virtual prepaid cards and current accounts in the UK and the Eurozone. Authorised and regulated by the FCA in the UK, PFS has passported its e-money license across the SEPA region to enable card issuance throughout the region.
Founded in 2008, PFS is now one of the fastest growing issuers in Europe, with programmes live and active in 23 countries with the ability to transact in 20 different currencies. Its products and cutting-edge technology platforms are utilised by governments, local authorities, mobile networking operators, banks and corporates globally.
PFS has been listed within the top fastest growing technology companies in the UK by the Sunday Times Tech Track 100 for four consecutive years and most recently ranked number 108 in Deloitte's EMEA Technology Fast 500.
In the last 12 months, PFS has seen explosive of 60% growth from 2015 and a projected EBIT for 2016 of £6.5 million.
For more information about PFS's payment solutions please contact firstname.lastname@example.org
SOURCE Prepaid Financial Services Limited (PFS)