Fonix Mobile PLC on Wednesday said it expects annual earnings to beat its previous guidance.
The London-based mobile payment and messaging platform said in the first half of the year ending June 30, gross profit jumped 18% to £2.9 million from £7.8 million a year ago.
Adjusted earnings before interest, tax, depreciation and amortisation also grew by 18% to £7.3 million from £6.2 million in the first half of financial 2023.
As a result, adjusted Ebitda for the company is expected to be ‘marginally’ higher than it had previously anticipated.
Fonix cited a 15% surge in total payment volume to £158 million from £137 million in the corresponding interim period a year ago. It also said its key business segments have grown in the half-year.
Looking ahead, Fonix said it retains a growing pipeline going into the second half of the financial year.
Chief Executive Officer Rob Weisz said: ‘We are delighted to have once again delivered on our strategic goals, with our key commercial segments achieving solid year-on-year growth in income and profitability. In the first half of the year, we have benefited from a ’true up’ in trading following HM The Queen’s death in the prior year, but the underlying growth rate remains strong in both the UK and Ireland.
‘The business continues to make good progress on further international expansion, and we hope to make announcements relating to this later in the year.’
Shares in Fonix rose 7.1% to 230.33 pence each in London on Wednesday morning.
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