Philip Beck has invested a further £10,000 in the shares of multi-currency payments processing services provider Planet Payment Inc.
Beck, the company's chairman, bought 15,000 shares at $1.05 (67.05p) each and that takes his stake in Planet to 3.6%.
AIM-quoted Planet is on course to move into profit in the second half of 2010. It lost money in the first half but the second half profit should more than cancel this out.
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Second quarter revenues grew from $10.9m to $14.5m with all the growth coming from the core multi-currency processing services. The second quarter loss was reduced from $950,000 to $722,000.
Planet has launched its services in new countries and is just starting to generate revenues from these new territories. It has also increased its overheads but they should not have to increase any further as new countries are added.
There is $1.24m in cash in the balance sheet at the end of June 2010 as well as convertible debt of $9.1m. The cash outflow in the first half was more than the cash left in the bank but the second half is always stronger than the first and Planet should generate cash if it achieves forecast revenues. That should mean that it will not need to raise any cash in the short-term.
Daniel Stewart forecasts a 2010 profit of $3.2m, rising to $9m in 2011.
Top Director Buys
Standard Life (SL.) Director name: Mr Colin BuchanAmount purchased: 25,000 @ 210.10p Value: £52,525
Media Corporation (MDC) Director name: Mr Justin DrummondAmount purchased: 517,241 @ 2.90p Value: £15,000
Planet Payment Inc. (PPT) Director name: Mr Philip D BeckAmount purchased: 15,000 @ 67.05p Value: £10,058
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