Safecharge reports new record in trading update

Online e-cash processing firm Safecharge, where Playtech‘s Teddy Sagi is a majority shareholder, released a trading update on its Q4-2016 performance Thursday, flagging record transaction processing volumes and revenues.

The firm said the record results were generated as a result of the management’s focus on ‘Tier-1’ customers including PaddyPower Betfair, Sun Bingo, Sisal and Nayax, all of which went live on Safecharge systems in the second half of the year.

SafeCharge forecast that adjusted EBITDA should amount to between $33 million and $34 million, and said it expects the full-year dividend to total 75 percent of adjusted EBITDA for the 12 months.

The company expects to report that it closed the year with more than $124 million of cash and short-term investments, and remains debt-free.

David Avgi, chief executive of SafeCharge, said: “Since listing the group nearly three years ago we have rapidly developed the scope and scale of our business, enabling us to start 2017 with the ability – and appetite – to aggressively compete for a greater share of Tier 1 customers across multiple e-commerce verticals and geographic markets.

“At the same time as achieving a strong financial performance, including paying substantial dividends to shareholders, we have maintained an acute awareness of what it will take to continue being successful as our markets evolve and customer needs change.

“I believe that we are ideally positioned to sustainably grow the business.”