The provider of payment processing services for the online gaming industry announced its results for the fourth quarter and year ended 31December 2005. The company concluded the year with another strong quarter, showing a 19% increase in revenues, up to $23.8m, on payment volume of $360m, up 14%.
For the full year, revenues increased by 78%, up to $76.3 million, on payment volume of $1.2 billion, up 51%.
Gross profit, defined as revenue less transaction processing costs, improved as a percentage of revenues to 61.1% in the fourth quarter and to 59.7% year-on-year.
Net profit for the full year almost doubled at $15.6 million and the company announced a maiden dividend of $0.187 per share.
“We are very pleased with our continued growth, profitability and the overall progress in our business model. Our goals have not changed, we continue to focus on product enhancements and the internationalisation of our offering, maintaining strong and evolving risk management controls, and making it easier for consumers to fund their accounts. The fourth quarter concluded an exciting year for the Company during which we successfully listed on the AIM market, enhanced our offering, established our operations in Ireland and delivered strong financial performance. To date in 2006, we have seen positive and consistent industry trends and expect continued revenue growth and operating margin improvement resulting from the leverage inherent in our business model,” commented Chief Executive Ben Dalfen.
In separate news, Mitchell Garber has resigned as Executive Chairman. Garber has been recently linked with the vacant CEO job at PartyGaming.
“We are all are disappointed to see Mitch leave, however, we respect his desire to take on new challenges,” said Dalfen.
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