Earthport (EPO)

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The leading payment network for cross-border payments.

31-Oct-2017 – 19.38p – £117.3m – PER n/a

Final Results For The Year Ending June 2017 – Revenues up by 33% to £30.3m in-line with market expectations. And yet again, they manage to announce an increase (47%) in Loss Before Tax. I’m out!

Seems good at increasing Revenues (CAGR is over 50%). However, it cannot stop making losses. Revenue in 2016 was up 10x 2011 Revenue yet the Loss was -£8.2m, more than in 2011. Shares in issue also almost 3x in the same 5 years. Not for me.

30-Nov-2018 – 6.19p – £38.6m – PER n/a

Results For The 12 Months To End June 2018 – Revenue up 5.3% to £31.9m with a Loss After Tax of -£8.4m (£-9.4m last time). Cash stands at £28.3m (£11.9m last time) after raising £24m in October 2017!

Still seems capable of increasing Revenue (but it (the growth rate in Revenue) is now slowing) – Apart from that there is little else of interest here for me.

5-Feb-2019 – 38p – £237m – PER n/a

Trading Update For The 6 Months To End December 2018 – In-line.

I remain on the sidelines.

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