Full Year Results Media Release
Brisbane, Aug 20, 2014 AEST (ABN Newswire) - Emerchants Limited (
ASX:EML) (EMCHF:OTCMKTS) announced its financial results for the full year to 30 June 2014. Key highlights of the full year results include:
- Total dollars loaded onto the company's prepaid platform grew by 25% to $168m, with the re-loadable segment growing total dollars loaded by 54%;
- Transactions expanded to 4.48m, an increase of 14% over the prior year, with the re-loadable segment growing transactions by 67%;
- Stored Value expanded by 31% to $27.4m, with re-loadable stored value growing at 66.5% over the prior year;
- Revenue grew by 3% to $5.18m. Due to the timing of executing certain contracts and gaining ADI approval for those contracts, set up fees that were expected to be booked in June were booked in July. As a result, emerchants experienced a record month for revenue in July 2014, equivalent to over 20% of prior year revenue, providing the company with a strong start to the new financial year. emerchants ended the year with a net loss of $5.4m, in line with the prior year;
- As previously disclosed, the company looks forward to the launch of a number of material programs in the months of September and October. This includes the card programs for Sportsbet, Bet Easy and Ladbrokes Visa, and a program for CC (Cash Converters) Investment Group. It is expected that these agreements will drive material growth across the company's key metrics in FY15, along with other programs that are expected to close and launch during the current financial year; and
- The company ended the financial year with a net cash position of $4.49m and this has improved as of July 2014 to $4.87m.
emerchants looks forward to providing further updates to investors during the course of the financial year.
To view the annual report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-EML-688406.pdf
About Emerchants Ltd
Emerchants Ltd (ASX:EML) (OTCMKTS:EMCHF) is a payments solutions provider of prepaid financial card products and services in Australia. By using its proprietary Secure Account Management (SAM) system, the Company provides its clients with innovative financial service payment solutions for reloadable and nonreloadable pre-paid card programs.
Emerchants' proprietary technology, processing capabilities and program management services offers clients more control and flexibility in managing corporate expense programs, funds disbursement, petty cash, per diems, emergency payments, disaster/welfare programs and many other individual and bulk payment scenarios. Emerchants partner with well-established banking institutions and card associations (eftpos, Visa) to ensure card programs are fully compliant, scalable and easy to implement for clients.
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