Online payments provider Optimal Payments, which works extensively within the betting and gaming industry, has posted huge increases in revenue and profitability in its interim results for the six months until the end of June.
A 50% year-on-year rise in revenue to $118.4 million (€88.6 million) helped earnings before interest, tax, depreciation and amortisation (EBITDA) to rocket by 126%, from $11.2 million to $25.3 million.
Optimal reported a net profit of $14.4 million – a significant improvement on the loss of $800,000 posted for the first half of 2012.
The company cited a major turnaround in its NETELLER Stored Value business, with revenue up by 74% to $28.3 million, as well as strong organic growth from the NETBANX Straight Through Processing business, with sales up by 45% to $89.9 million.
Optimal said that it would continue to invest in research and development focusing on new mobile payment functionality, product enhancements, regional growth, and an enhanced US online gaming payments solution.
Joel Leonoff, the company’s president and chief executive officer, described the interim results as “exceptional”.
He added, “We are particularly encouraged by the performance of the NETELLER e-wallet with monthly revenues almost doubling from the first half of 2012. Our current focus and investment reflects our excitement about leveraging key opportunities including enhancing our mobile payments functionality, developing new innovative products, continuing with our ongoing geographic expansion and fortifying our payment-related services for the emerging regulated US gaming market.”
Leonoff also said that Optimal would continue to assess possible merger and acquisition opportunities “that provide a strategic fit at the right valuation to further accelerate our growth”, and added: “These initiatives also support our continuing efforts to diversify the business and reduce existing customer concentration.”
