Planet Payment's annual earnings decline

Financial services company Planet Payment reported a drop in earnings for 2012 as the company invested in new markets.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) came to $2.4m, a 59% decrease from $5.9m reported a year ago.

During the year, the company invested heavily in expanding the business, winning new customers and acquiring and developing commercial services.

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Planet launched services with Global Payments Canada, Vantiv ATMs in the USA, Mashreq UAE, Citibank Philippines, Citibank Hong Kong and Macau, Taishin Bank in Taiwan and Banorte in Mexico.

The firm also won a major contract with Payment Alliance International for ATMs in the US.

Net revenue increased by 4.0% to $43.6m, compared to $41.9m the previous year.

Chairman and Chief Executive Officer, Philip Beck, said: "2012 has been a significant year for Planet Payment. We continued to make substantial progress implementing 11 customers in 9 countries including a number in exciting emerging markets, while increasing our merchant base by nearly 50%.

"While we are happy with this operational progress, our 2012 results are reflective of our investment in opening new markets, winning new customers, and acquiring and developing our commercial services platform. We look forward to continued growth based on our strong pipeline and significant opportunities in emerging growth markets."

RD