Prepaid Financial Services (PFS) announces annual growth of 56% (to £28.8m) and EBITDA of £2.3 million (projects £8m+ for 2016)

Prepaid Financial Services (PFS) announces annual growth of 56% (to £28.8m) and EBITDA of £2.3 million (projects £8m+ for 2016)
Monday 20 June 2016

Highlights include:

  • ∙ 5% of company sold to strategic investor
  • ∙ Record profitability
  • ∙ Loaded over half a billion pounds onto prepaid products
  • ∙ 2016 targets adjusted upwards
  • ∙ Launched Bank Lite and current account product throughout Europe
  • ∙ Significant client wins include Finnish Government, NLB (largest Slovenian bank), NewB (ethical Belgian challenger bank), Spanish Post Office, 3 Mobile (Ireland).

Prepaid Financial Services (PFS), has today announced its annual results for the year end 31 December 2015 compared to the year ended 31 December 2014. The e-money institution that specialises in prepaid card issuing, acquiring and providing alternative banking solutions via its own technology platform, has achieved annual growth of 56%, taking turnover to £28.8m up from £18.5m in 2014 and an EBITDA of £2.3m.

These results are in line with targets announced in November 2015 and are the culmination of another record-breaking year which saw 5% of the company sold to a strategic investor.

PFS is looking to accelerate this growth and is on track to achieve revenue of £44m in 2016 and EBIT of £8m+. The company has built up a customer base of over 2.5m cardholders (including prepaid products, e-wallets, basic bank accounts) and will issue more than 1.3m new cards and accounts during 2016 alone. Founded in 2008, PFS is now one of the largest non-bank Issuers of MasterCard® prepaid products in Europe, with programmes live in 23 countries and the ability to transact in over 20 different currencies.

Year

Revenue (£000)

2016 (predicted)

44,000

2015

28,814

2014

18,465

2013

10,400

2012

6,169

Noel Moran, CEO said: “During a period when it has not always been easy to tell which way the FinTech winds were blowing, PFS has achieved significant and consistent organic growth with no external investment: we are on track to make over £8 million EBIT in 2016. We will continue on this course in the short term but we will also consider acquisitions, if we believe other businesses can provide a strategic alliance or support us in a specific market or country. We are a real business with real customers, combined with the agility and aggression you would expect of a FinTech and we aim to harness these strengths in order to outperform our targets during 2016 and beyond.”  

Download 2015 Financial Statement PDF

Download 2014 Financial Statement PDF

Download 2013 Financial Statement PDF