Prepaid Financial Services (PFS) announces circa 60%+ growth in turnover and profit for half year to 30.6.2016

Prepaid Financial Services (PFS) announces circa 60%+ growth in turnover and profit for half year to 30.6.2016
Monday 26 September 2016

Prepaid Financial Services (PFS) announces circa 60%+ growth in turnover and profit for half year to 30.6.2016

Prepaid Financial Services Limited (PFS) continues to enjoy substantial growth and is well on track to exceed revenue and profit targets for 2016. New client acquisitions and growth of existing client programs, assisted by ongoing diversification and automation of new payment service offerings, has seen the value of funds loaded by clients increase by 70% over the corresponding period in 2015. As a result, revenues have increased 63% and profit from operations by 59% for the same comparative periods.

Comparative figures for the first 6 months of 2015 and 2016 are as follows:



2015 (£ million)


2016 (£ million)


YOY Variance


Sales


12,853


20,907


+62.66%


Direct costs


9,243


14,984


+62.11%


Gross margin


3,610


5,923


+64.07


Overheads


1,867


3,153


+68.88


Operating profit


1,743


2,770


+58.92%


Other income


0,002


1,185



EBIT


1,745


3,955


+126.65%

Noel Moran, CEO said: "We are pleased with the progress made in the first six months of 2016 and are confident of maintaining the growth rate for the remainder of the year. We expect to exceed our target of £5m Operating Profit for 2016 and our goal is to carry this growth forward into 2017 and beyond."