- Good resilience during COVID-19 crisis
- +29% in revenue growth; revenue of
EUR 21.7 million - Positive EBITDA of
EUR 1.7 million , up by EUR +2 million - Current operating income close to breakeven at EUR -0.3 million
EUR 1.8 million in cash and cash equivalents, andEUR 7.3 million available in financing facilities- Project to merge activities under HiPay SAS's operating license to simplify operational and regulatory management.
Continued growth momentum
- In the first half of 2020,
HiPay's payment volume reached EUR 2.5 billion, and revenue amounted toEUR 21.7 million , up respectively +43% and +29% compared to the first half of 2019. - Growth was mainly driven by the French market, which accounted for 65% of payment volume and grew by +51%. Revenue generated in
France increased by 52%. - The Group continued its international development, particularly in
Portugal andItaly .
Sharp increase in EBITDA and operational breakeven achieved
- Group EBITDA reached
EUR 1.7 million compared toEUR -0.3 million last year. Mainly the result of the increase in revenue and control over operating expenses. - Operating income of
EUR -0.3 million compared toEUR -2.2 million as ofJune 30, 2019 : an improvement ofEUR +1.9 million . - Net income of
EUR -2.6 million compared toEUR -2.7 million as ofJune 30, 2019 and after bookingEUR 1.4 million in provisions and non-current expenses, as well as recording a financial result ofEUR -0.6 million . - The Group continued its technological investments while ensuring a sound and reasoned control over its operating costs.
Cash position
- As of
June 30, 2020 , the company hadEUR 1.8 million in cash. - In addition, the company has access to a
EUR 3.7 million shareholder loan facility from BJ Invest. - Also,
HiPay contracted two State guaranteed loans withBNP Paribas andBpifrance for a total amount of EUR 3.6 million. Funding was received inAugust 2020 . - As of
June 30, 2020 ,HiPay thus has a total financing capacity ofEUR 9.1 million , which allows the Group to secure its development.
Improvement of internal controls
- As announced in the press release of
July 27, 2020 , additional work has been carried out since May byHiPay's teams to finalize the 2019 audit of the Group's two operating subsidiaries:HiPay SAS (France) and HiPay ME SA (Belgium ), and to prepare the limited review ofJune 30, 2020 . - On
July 28, 2020 , the 2019 annual financial statements of HiPay SAS were certified2 byKPMG . During the limited review of the consolidated financial statements as atJune 30, 2020 , the financial statements of HiPay SAS have been subject to a limited review that did not reveal any significant irregularity. HiPay ME SA is currently executing its action plan to strengthen internal control procedures, notably to ease the reconciliation between e-money debt and associated assets. At the closing date of the financial statements, the action plan had not been finalized.
Organizational simplification plan
As part of the execution of the strategic plan to simplify the Group's operational management, it was decided to consolidate the payment services activities within the single payment institution HiPay SAS, to improve operational efficiency and simplify regulatory management. The Group thus plans to merge the activities currently carried out by
Next financial communication: October, 29, 2020 – Revenue for Q3 2020
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Media contact
+ 33 (0)6 50 95 21 45 edouard.nadeau@vae-solis.com | +33 (0)6 12 66 22 49 jawad.khatib@vae-solis.com |
This press release does not constitute an offer to sell or a solicitation of an offer to buy
1 The consolidated financial statements as at
2 The unqualified certification report of the 2019 financial statements of HiPay SAS is available on the company's website.
Attachment
- 20200917 HiPay PR Results H1 2020 EN
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