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In a brief update SafeCharge (AIM: SCH), the payments technology provider, said that ahead of the 2018 year-end trading has been strong, with processed volume for the full year expected to be c.$14 billion, up more than 40% compared to 2017.
Revenue for the full year is expected to be above market expectations, in the range of $135-138 million. However, during the year SafeCharge continued its platform development and investment in sales and marketing to support future growth and accelerate its entry into new verticals and geographies. As such, adjusted EBITDA is expected to be in line with market expectations.
The company added that it continues to make considerable progress with its strategy of winning clients within both traditional and new target markets and verticals, specifically in online retail, travel and marketplace, with recent wins including World Duty Free and the online marketplace Lev Cargo.
SafeCharge also announced that Hadar Michaelis, who has held several executive management technical positions, including more than 10 years at Israel Discount Bank, has been appointed as Chief Operational Officer. Yuval Ziv, formerly the Group’s Chief Operational Officer, has been appointed as Chief Commercial Officer.
The markets liked the statement, sending the shares up by 3% to 261.5p.