Compelo Banking is using cookies

We use them to give you the best experience. If you continue using our website, we'll assume that you are happy to receive all cookies on this website.

ContinueLearn More
Close
Dismiss

Planet Payment Q1 Revenue Up 28%

Planet Payment, a US-based operator of multi-currency payment and data processor, has posted total revenue of $13.2m for the first quarter of 2010, up 28% compared to $10.3m, for the same quarter of 2009.

Multi-currency revenue for the first quarter of 2010 increased 60% to $10m compared to $6.3m in first quarter of 2009. Gross profit for the quarter increased 12% to $4.1m from 2009 first quarter of $3.6m.

Adjusted EBITDA loss for the period was $0.7m, compared to EBITDA loss of $0.4m in 2009 first quarter. On a GAAP basis, net loss for the quarter was $1.5m compared to loss of $1.4m in first quarter of 2009.

Planet Payment’s revenue growth was primarily driven by a 60% increase in active multi-currency merchant locations over first quarter of 2009. The company’s total active merchant locations now stand at over 11,000 locations, with more than 2,700 new locations activated since the first quarter of 2009.

Philip Beck, chairman of Planet Payment, said: “Our first quarter revenue growth reflects continued adoption of our solutions by new customers and a strong rebound in our customers’ sales volumes. Our solutions offer acquirers a creative approach within the existing credit card infrastructure and powerful marketing tools to open new sales channels.

“We help merchants reduce payment processing costs and cardholders enjoy informed choice and transparency at the point-of-sale, including our FX Assured, best rate guarantee service.”