Optimal Payments ahead of expectations in 2014
Payments provider highlights strong performance from Neteller and NetBanx products, but warns of regulatory uncertainty
Optimal Payments expects 2014 revenues and EBITDA to be “materially ahead of market expectations” following strong performances from its key payment products so far this year.
Interim chairman Jonathan Comerford, who is serving as a temporary replacement for former chairman Dale Johnson who stood down in November, informed shareholders at today’s AGM that the firm’s Neteller and NetBanx products were performing “very well” in the year-to-date.
“Revenues [are] ahead of the same period last year and ahead of Q4 2013, and we look forward to a further boost from the World Cup in June and July,” Comerford said.
The payments provider received a New Jersey licence for its Neteller solution in October last year and NetBanx has subsequently achieved European Union Principal Membership, allowing it to offer acquisition services to merchants in the EU from H2 2014.
Comerford said that the group expects these investments to begin to produce returns throughout 2015 but warned of regulatory uncertainty that could impact the business moving forward.
“The regulatory environment continued to evolve in 2013 and although this did not materially impact our revenues in 2013, some corresponding uncertainty about the regulatory landscape persists,” Comerford said.
Results released in March showed net profit to have soared to $35.1m in 2013 in comparison to the $1.2m in 2012 on the back of a 41% year-on-year increase in revenue to $253.4m.
The results came two months after former Betdaq owner and Ladbrokes shareholder Dermot Desmond sold his 25% stake in the payments provider for a total consideration of £146m after the firm’s share price rose by more than 200% in the space of 12 months.