LONDON (ShareCast) - (Sharecast News) - Mobile payment solutions provider Boku reported a strong financial and operational performance for its first half on Thursday, alongside the appointment of a new chief financial officer.
The AIM-traded firm said revenue for the six months ended 30 June were expected to exceed $47m, reflecting a 23% increase from $38.2m in the first half of 2023, and a 30% rise on a constant currency basis.

That growth was primarily driven by increased transaction volumes from existing merchants. carrier-related revenues, including direct carrier billing (DCB) and bundling, demonstrated double-digit growth, while digital wallets and account-to-account (A2A) revenues surged by over 50%, boosted by the notable launch of Google on BLIK in Poland.

Adjusted EBITDA was anticipated to align with current market expectations, with margins remaining stable compared to 2023.

The company reported significant increases in its key operational metrics, with monthly active users (MAUs) of the Boku platform reaching 79.6 million in June, up 30% from 61.2 million in the same months in 2023.

Total payment volume (TPV) for the first half came in at $5.8bn, a 17% increase year-on-year, and 26% higher at constant exchange rates.

The average take rate improved to 0.81% in the half-year, from 0.76% a year earlier, driven by higher take rates from digital wallets.

Its cash position remained strong, with total group cash of $148.5m as of 30 June, and no debt.

"Boku is targeting the $2.2trn market in cross-border e-commerce, within which it is predicted that 60% will occur using local payment methods (LPMs) by 2028," said chief executive officer Stuart Neal.

Throughout the first half, we have continued to make bold steps towards becoming the world's best network for localised payment methods, including the creation of world leading licensed money movement capabilities, due to complete in the first half of 2025.

"We are pleased with the continuing underlying growth in our revenue, whilst we make preparations for some significant market and customer launches in the latter part of the year."

In a separate management update on Thursday, Boku also announced the appointment of Rob Whittick as its new chief financial officer, effective immediately.

It said Whittick would bring over 25 years of experience from NatWest Group, where he held several senior roles, including finance director for commercial and private banking, and group chief of staff.

He also recently completed a three-year term as a non-executive director of Motability Operations Group.

"I am excited to be joining Boku at such an important time in the company's development," Rob Whittick said.

"I am delighted to have the opportunity to leverage my domestic and international financial services experience to help Boku continue to evolve to support its customers across the globe.

"I look forward to working closely with Stuart and the team to drive continued growth and innovation, and to contribute to Boku's ongoing success."

At 1316 BST, shares in Boku were up 0.86% at 184.06p.

Reporting by Josh White for Sharecast.com.

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