StockMarketWire.com - Earthport's annual losses narrowed Friday as revenues rose 5% even as the company had to contend with 'significant challenges' owing to the loss of a major strategic payment customer and material delays in the implementation process.

For the 12 months ended 30 June, losses before tax narrowed to £8.42m from £10.18m a year earlier, and revenues rose 5.3% to £31.9m.

The loss of a major strategic payment customer and material delays in the implementation process for another strategic partner dragged revenue down by £0.9m and £0.5m, respectively.

Revenue growth, while hampered by the loss of a major strategic payment customer, was underpinned by growth in the core payment and FX businesses, the company said.

Core payment business revenues rose 1.6% higher to £19.6m, while FX business revenues increased 6.3% to £10.2m.

'The financial year ending 30 June 2018 presented significant challenges for Earthport. Nevertheless, our core capabilities remain strong and our Company ended the year with a strengthened balance sheet, giving us the ability to invest in our redefined strategy, said Amanda Mesler, CEO of Earthport.

'I therefore believe we are well positioned to deliver the potential Earthport has always possessed and look forward to the coming year with confidence.'

At 8:04am: [LON:EPO] Earthport PLC share price was +0.05p at 6.24p



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