Boku (AIM: BOKU), a payments platform, released a trading update on Tuesday, revealing that it is expecting to generate at least $33 million in revenue the second half of the financial year 2022. The figure increased by 9 percent from the same period of the previous year.
Boku Expects a Solid Revenue
In the first half of last year, the payments company generated $30.3 million, putting the consecutive year-halve growth at 9 percent. With the latest figures, the company expects to close fiscal 2022 with annual revenue of at least $63.3 million. The figure is a marginal increase of about 2 percent from $62.1 million in the previous year.
The company highlighted "significant currency headwinds" behind the marginal year-over-year increase in revenue. On a constant currency basis, the latest figure jumped 14 percent.
In addition, the London-listed company is expected to have an annual EBITDA of $20 million, which is in line with market expectations. In the first six months of the year, it brought in an EBITDA of $9.5 million, meaning the EBITDA also went up in the second year's half. Boku highlighted that the EBITDA had improved despite "currency headwinds" and continued investment into its mobile-first payment infrastructure.
"While the general economic climate worsened in 2022, it was a breakthrough year for Boku: one in which Local Payment Methods became the main driver of our growth, building on the solid foundations of DCB," said the CEO of Boku, Jon Prideaux.
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Strong Client KPIs of Boku
Moreover, the client metrics on Boku improved significantly last year. The company ended the year with 52.3 million monthly active users, which is a yearly uptick of 28 percent. Further, it added 56.7 million new users all around the year.
The total payment volume on the platform for 2022 increased to $8.9 billion from $8.2 billion in the previous year. This figure went up by 20 percent on a constant currency basis. On top of that, the company witnessed an increase of eight times in volume processed by the local payment methods (LPMs), where the monthly active users jumped 230 percent to 3.8 million. The number of new users in LPMs also increased to 8.4 million last year compared to 2.8 million in 2021.
"Our team is delivering superior quality in LPMs, which is being recognised by merchants," Prideaux added. "We launched nearly 50 Local Payment Method merchant connections in the year. Now live in 19 countries across three continents, merchants in video games, digital advertising, ridesharing, streaming music and video industries are using Boku to connect to Local Payment Methods globally, allowing us to deliver a second straight year of triple digit growth in these payment methods."
