Planet Payment Inc.
03/30/2012

Planet Payment Announces 2011 Annual Results

Net Revenue Increases 37%, Net Income Increases 178% and Adjusted EBITDA Increases 226%

 

Planet Payment, Inc. (UK: LSE:AIM: PPT and PPTR; USA: OTCQX: PLPM), a leading multi-currency payment and data processor, today announced its results for the year and the three months ended December 31, 2011. During both periods, the Company again delivered solid results, showing strong growth in revenue, net income and Adjusted EBITDA:

 

2011 Financial Highlights

·         Net revenue increased 37% to $41.9m (2010: $30.6m)

·         Multi-Currency processing services revenue increased 52% to $27.2m (2010:$18.0m)

·         Net income increased to $2.4m (2010 loss: ($3.1m))

·         Adjusted EBITDA of $5.9m, an increase of $4.1m or 226% over $1.8m in 2010.  See Table 1 in this announcement for reconciliation of net income (loss) to Adjusted EBITDA

·         Consolidated gross billings increased 58% to $102.4m (2010: $64.7m). (See Table 2 in this announcement for explanation of this key  metric)

·         Gross foreign currency mark-up increased 69% to $87.8m (2010: $52.1m). (See Table 2 in this announcement for explanation of this key metric)

·         Diluted earnings per share increased to $0.04 from a loss of $(0.08) per share in 2010.

 

Fourth Quarter 2011 Financial Highlights

·         Net revenue increased 29% to $12.3m (Q4 2010: $9.5m).

·         Net income increased to $1.8m (Q4 2010 loss: ($0.2m))

·         Adjusted EBITDA of $2.7m an increase of $0.8m or 42%, (Q4 2010: $1.9m).  See Table 1 in this announcement for reconciliation of net income (loss) to Adjusted EBITDA.

·         Consolidated gross billings increased 47% to $31.5m (Q4 2010: $21.4m). (See Table 2 in this announcement for explanation of this key metric)

·         Gross foreign currency mark-up increased 51% to $27.2m (Q4 2010: $18.0m). (See Table 2 in this announcement for explanation of this key metric)

 

2011 Operational Highlights

·         Total active merchant locations increased by 67% to 27,887 as of December 31, 2011 (as of December 31, 2010: 16,697).

·         Settled multi-currency dollar volume processed for the year increased 70% to $2.3b (2010: $1.4b).  For fourth quarter 2011 settled multi-currency dollar volume processed increased 58% to $0.7b (Q4 2010: $0.5b).

·         Rolled out Pay in Your Currency service with Network International in UAE to over 3,500 merchant locations.

·         Expanded our relationship with Vantiv (formerly known as Fifth Third Processing Solutions) by entering into an agreement with them to provide our Pay In Your Currency service at ATMs.

·         Launched the MICROS Payment Gateway to facilitate the integration of MICROS property management systems in hotels and restaurants to our platform. The first hotels, two Hyatt Regency properties in Hong Kong, were implemented before the end of the year.

·         Integrated our iPAY gateway with VendorShop’s Facebook shopping cart application.

 

Current Trading Highlights – First Quarter 2012

·         Entered into agreement with China UnionPay to provide processing support for China UnionPay’s credit and debit cards in both card present and card-not-present environments directly to banks and acquirers on a worldwide basis.  Signed agreement with MICROS to add support for China UnionPay cards to the MICROS Payment Gateway.

·         Entered into agreements with Citibank, Hong Kong and Macau, Citibank, Philippines and Mashreq, UAE for our Pay in Your Currency service in each of those countries.

 

 Commenting on the results, Philip Beck, Chairman of Planet Payment, Inc., said:

“We are very pleased to announce our strong year-over-year growth, capping what was an excellent year for Planet Payment. Our services continue to help acquirers open new sales channels, merchants sell more goods and services and cardholders enjoy informed choice and transparency at the point-of-sale.   We believe that Planet Payment continues to benefit from a “network effect” as we add more acquiring institutions, in more countries, using more products on our platform. We look forward to an exciting year in 2012.”

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