SafeCharge powerhouse

Israeli online gambling and property billionaire Teddy Sagi’s payment processing business SafeCharge had a stomping year according to full year 2014 results which were released earlier today (Tuesday).

Key performance highlights for the year ending December 31, 2014 include:

–    Revenues up 78 percent to US$76.9 million (2013: US$43.2 million)

–    Gross Profit up 79 percent to US$44.5 million (2013: US$24.9 million)

–    Adjusted EBITDA up 119 percent to US$24.7 million (2013:US$11.3 million)

–    Adjusted net profit up 122 percent to US$21.3 million (2013: US$9.6 million)

–    Cash flows from operations US$20.8 million (2013:US$10.8 million)

–    Reported profit after tax US$14.4 million (2013: loss US$1.3 million)

–    Cash balances at year end of US$146.5 million (2013: US$11.8 million)

Moving into 2015, the company said strong trading and momentum had been generated to date resulting in “a very strong” January and February.

Roger Withers, Chairman of SafeCharge, said: “It is a privilege to present such an outstanding set of results in our first year as a public company. I congratulate David Avgi and the whole of the 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.”

“After a transformational year of progress, December saw record monthly revenues and earnings,” commented David Avgi, chief executive officer of SafeCharge. “This momentum has continued into the first three months of 2015 and we have enjoyed very strong trading.

“In 2015, we will continue to develop our technology and products and grow the business into new market and industries, enabling us to benefit from operational leverage.”

On the back of the strong results, the recommended final dividend is US$ 5.28 cents per share, giving a total 2014 dividend of US$ 8.16 cents per share.

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