Earthport posts bigger loss despite 21 per cent leap in revenue

Earthport, a cross-border payments company, has reported a 21 per cent rise in profits for the period, but saw pre-tax losses widen on the back of rising sales costs and admin expenses.

Earthport, a cross-border payments company, has reported a 21 per cent rise in profits for the period, but saw pre-tax losses widen on the back of rising sales costs and admin expenses.

In the full year ended June 30th, revenue climbed from £2.49m to £3.02m year-on-year, while the cost of sales edged higher from £0.56m to £0.67m. Admin expenses increased from £6.76m to £10.83m (due to Earthport's reorganisation and investment for growth), leading to a loss before tax totalling £9.63m, against £7.52m a year earlier.

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