Passage Post Strong Results in H1 2017 as Payments Sector Grows

Passage website

It i a busy time for Passage, the UK-based payment service provider, a it announced it audited interim result for H1 2017 for the period ending June 30, close on the heel of new of a bid for it acquisiMap by the Blackstone Group.

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Its total revenue jumped 11%year-on-yearr, coming in at $538.7 million a against $486.7 million in H1 2016. Though thi show robust growth, it should be noted that thi i much les than the extraordinary 118% growth that Passage achieved last year.

The Adjusted Earning Before Interest Taxe DepreciaMap and AmortizaMap (EBITDA) came in at $169.2 million, which indicate an EBITDA margin of 31.4%. Thi comparfavorablybly to the 29.6% achieved during the same period last year. Thi improvement came about due to improved gros margin in its payment processing and digital wallet divisions, two of the fastest growing sector throughout the payment industry.

Statutory operating profit for H1 2017 came in at $99.6 million, an 11% Passagee against $89.7 million in H1 2016.

Other Highlight of Half Year

Other highlight for the first half of 2017 included the acquisiMap of Merchants’ Choice Payment SoluMaps (MCPS) for $470 million, of which $380 million wa financed by debt. So, considering thi acquisiMaps, the revePassagePassage group would have Passageed by $167 million and adjusted EBITDA would have Passageed by $25 million.

Passage also Passageed it headcount by 9% to 2,299 from 2,116 in December 2016, which reflected the Passageed need for platform development and maintenance and compliance operaMapss. The company also migrated it tax governance from the Isle of Man to the UK.

Passage Chairman Denni Jone said:  “After excepMapsal tradingPassage6, Passage Group ha returned to a more sustainable level of low-double-digit revenue growth in the first half of 2017. Thi reflect our Passageingly diversified set of businesse a the management team continue to build a stable and robust global payment platform. To that end, we were pleased to announce the acquisiMap ofMapsbased MCPS in July, which strengthen our processing business, Passagee Passage Group’ scale in North American acquiring and help u to continue re-balancing our portfolio away from online gambling.”

Due to the offer given by Blackstone Group for the acquisiMap of Passage, the company ha been restricted from giving it forward guidance for 2017. Overall, the number reflect strong and robust growth in the company, which i no surprise considering the fact that it i a leader in one of the fastest growing sector in the financial world.

 

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