Momentum Moment for Safecharge, A Payment Service Provider To Online Gambling Operators

Gross profit skyrocketed by 79% to $44.5 million with net profit growing by 122% to $21.3 million.

Safecharge International Group’s chairman, Roger Withers, said that the Payment Service Provider achieved a rather impressive financial output in its first year as a public firm. This was announced as the company disclosed its full-year revenue which increased by 78% to $76.9 million, from $43.2 million that was achieved the year before.

SafeCharge International Group Limited, the public-listed company furnishes payments services, technologies and risk management solutions for online and mobile businesses and operates under EU gambling laws as it provides services for online gambling operators. Shortly after commencing operations in 2007 the group fast became a leader in advanced payment technologies.

Safeguard clients include betting companies and online gambling providers

Gross earnings upped 119% to $24.7 million before interest, tax, depreciation and amortisation, and tax was valued at $20.8 million after cash. Safecharge’s cash balance was a whopping $146.5 million, reflecting a massive rise on the$11.8 million at the end of the first year. Withers told gambling news reporters that “It is a privilege to present such an outstanding set of results in our first year as a public company”, catering to the needs of spread betting companies and online gambling providers.

He also congratulated David Avgi, the chief executive officer as well as the entire SafeCharge team “for an excellent performance during a landmark period for the group. We entered the year trading strongly with financial strength to pursue our stated M&A strategy.” Safeguard has recently acquired 3TVS is a leading technology provider which specializes in tools for the effective issuing, processing and management of pre-paid card programs.