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Planet Payment moves into the black

Last updated: 19:46 07 Mar 2014 AEDT, First published: 20:46 07 Mar 2014 AEDT

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Electronic payment and transaction processing firm Planet Payment (NASDAQ:PLPM, LON:PPT) edged back into the black in 2013.

Having advised the market late in February that it expected to break even or register a small post-tax loss for 2013, the company posted a small profit of US$22,006, versus of loss of US$4.45mln in 2012.

Net revenue was up to US$46.6mln in 2013 from US$43.6mln in 2012, while adjusted underlying earnings (EBITDA) advanced to US$4.2mln from US$2.4mln the year before.

The fourth quarter saw the company make a post-tax profit of US$0.2mln versus a loss of US$0.1mln a year earlier on revenue that rose to US$12.2mln from US$11.9mln. Adjusted EBITDA hardened to US$1.3mln from US$0.9mln in the previous year’s final quarter.

One of the key metrics for the company is the number of total active merchant locations, and this rose by almost a half in 2013 to 61,000 from around 41,000 in 2012.

Consolidated gross billings, another key indicator, is also heading in the right direction, rising to US$123.8mln in 2013 from US$117.9mln in 2012, while the total settled dollar volume processed surged to US$7,054mln from US$6,114mln.

"I believe our achievements in 2013, that are in various stages of implementation and roll-out, will validate that Planet Payment is on the right path,” said Carl Williams, who was recently appointed chief executive officer (CEO) of the company as it split the CEO and chairman roles, with Philip Beck remaining as chairman.

Shares in Planet Payment were down 3p to 207p in early trading but remain up by a third year-to-date.

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