Card Commerce breaks into profitabilityWednesday, 26 January 2011 Payments provider posts 30% year-on-year growthDublin, Ireland. 26 Jan 2011: Card Commerce today announced that it broke through to profitability in the year-ending December 2010 on the back of a 30% year-on-year increase in revenue. The company said that it had invested over €2.5 million in its prepaid platform over the past three years and this investment was now fully absorbed. In 2009 the company posted a pre-tax loss of €250,909. Card Commerce is a leading provider of cost effective payments solutions, with a core competency in prepaid. Underpinned by an expertise in gift card solutions, the company has white labelled its proprietary platform and service capability to a number of major acquirers, including Barclaycard, HSBC Merchant Services and Elavon. This capability allows those partners to bring valuable, revenue-generating gift card programs to their customers. Dave Hunter, Managing Director of Card Commerce said: “We are delighted to have made the breakthrough to profitability - nobody enjoys losses even if they were in-line with our 3-year plan. We needed to invest in the platform to attract the large acquirers and through that investment we won the business of those acquirers in a very competitive landscape. It should be noted however, that we didn’t anticipate the very difficult market conditions over the past few years, so in that context we are very pleased to have delivered on our original business plan”. Continued success in foreign markets is key to delivering the company’s strategy in the coming years. With 40% of revenues generated overseas in 2010, it is expected that this figure will pass 50% in 2011 as the company targets more overseas business through existing and new partners. "We are fortunate to be working with strong partners through whom we have a significant and strong channel to the UK market and onwards to Europe. These partnerships are at the core of our strategy over the next three years, a strategy that we plan to deliver through organic growth or, should we choose to move more aggressively, through a further round of fund-raising”, commented Hunter. About Card Commerce Card Commerce is a leading provider of cost effective payments solutions, with a core competency in prepaid. We work with Merchants to deliver superior value Credit & Debit Card Processing, Gift Card, Rewards, Savings & Promotions and other solutions that are designed to increase merchant sales and reduce costs. Our prepaid platform and service capability is white-labelled by the major acquirers, including Barclaycard, HSBC Merchant Services and Elavon, bringing valuable revenue-generating gift card programs to their customers. Card Commerce was a finalist in Deloitte’s Irish Fast 50 and European Fast 500 in 2009 and 2010.
For further information please contact: Scott McInnes, Marketing Director
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