Boku Inc. (LON:BOKU), the world’s leading independent direct carrier billing company, has today provided the following unaudited trading update for the six months ended 30 June 2018.
The Group saw continued growth in all key metrics during the first half of 2018:
· Revenue for H1 2018 is expected to be in the range $16.5 million to $17 million (2017 $10.2 million); representing growth in excess of 60% on H1 2017
· Adjusted EBITDA* has remained positive for H1 2018 with earnings on track to meet full year expectations
· Total Processed Value (TPV)** of $1.5 billion for H1 2018 was 153% up on H1 2017’s figure of $0.6 billion. The total processed in the whole of 2017 was $1.7 billion
· 10.3 million Monthly Active Users (MAU) of the Boku platform in June 2018 (H1 2017: 4.7 million)
· The company held approximately $30 million in cash at the end of period (2017: $20 million). The average daily cash balance – a measure which smooths out the effect of carrier and merchant payments, was $23.1 million in June (December 2017: $19.2 million)
* Adjusted EBITDA: Adjusted for IPO costs, stock option expenses, Forex gains/losses and Exceptional items
** TPV is the $ value of transactions processed by the Boku platform
Jon Prideaux, Boku Inc. CEO, commented: “Our customers come to us for help in acquiring new users and I’m delighted to report that, with 10.3 million Monthly Active Users, we’ve more than doubled this most important metric in the last year.
Driven by these new users and increased stickiness for existing users, more than $1.5 billion was processed through our system in the first six months of the year, a growth of 153%. Spending through our platform is the raw material that we turn into revenue and by controlling costs we’re able to generate the earnings that can be used to make sensible investments in future growth.
These volumes make us the scale player in our industry, which is important: scale means that we can simultaneously afford to operate the world’s most sophisticated, high-capacity, carrier billing platform whilst having the lowest unit cost. We are continuing to roll out new and existing customers into new territories and are developing new products. I’m particularly encouraged by the reaction of the market to our Mobile Identity offerings.
We are very pleased to have achieved this level of growth across all of our key metrics, and look forward to reporting continued growth in the future.”