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Earthport PLC (EPO)

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Thursday 30 June, 2011

Earthport PLC

New live clients

RNS Number : 4083J
Earthport PLC
30 June 2011
 



30 June 2011

 

Earthport plc (the "Company" or the "Group")

 

New Live Clients

 

Earthport plc, the global payments utility, is pleased to announce an update on recent developments for the Company in the form of new client wins that are not only contracted but also now fully integrated and generating revenue for the Company.

 

Earthport has gone live with Legitas, a market leading provider of outsourced payroll services, facilitating payments to over 15,000 employees per week.  Earthport entered into a contract with Legitas in January 2011 and, post testing, went live in May with first revenues generated for the Company in June.  Since then, Earthport has been increasing the number of transactions it processes for Legitas on a weekly basis and this growth is expected to continue.

 

Earthport has also gone live with a top UK-based foreign exchange house.  This business provides currency brokerage services at commercial rates of exchange to corporate and private clients, and has several thousand customers.

 

Both of the above contracts are examples of new segments that Earthport successfully addresses and these agreements contain minimum monthly revenue commitments with first revenues attributable from both contracts last month.  Furthermore, Earthport has a healthy pipeline of additional potential clients in each of these segments. 

 

In addition, Earthport has also successfully integrated a number of new clients in the non-bank financial services.

 

Hank Uberoi, Executive Director of Earthport, said:

"These developments represent examples of clients who have been integrated and are generating revenue. These successes and our strong and growing pipeline demonstrate the validity of the service offering and our go to market strategy.  Earthport operates in a substantial, underserved market which is experiencing significant growth as a function of global trade, international outsourcing, workforce mobility and the rapidly expanding e-commerce eco-system."

 

For further information, please contact:

 

Earthport plc

Hank Uberoi / Zafar Karim

 

020 7220 9700

Financial Dynamics

Jonathon Brill / Alex Beagley

 

020 7831 3113

Panmure Gordon

Katherine Roe

 

020 7459 3600

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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