18 July 2024
Boku Inc.
("Boku" or the
"Company" and, together
with its subsidiaries, the "Group")
Trading Update
Increasing volumes across LPMs drives
continued growth in revenues
Boku, a leading provider of global
mobile payment solutions, is pleased to announce the following
unaudited trading update for the six months ended 30 June
2024.
Financial Highlights
· Revenues for the
six months ended 30 June 2024 are expected to be at least $47.0m
(H1 2023: $38.2m), up 23% and up 30% on a
constant currency basis* primarily driven by increasing transaction
volumes from existing merchants.
· Carrier related
revenues (Direct Carrier Billing ("DCB") and Bundling) showed
continued resilience with double digit growth on H1
2023.
· Digital Wallets /
Account to Account ("A2A") revenues were up over 50% from $7.5m in
H1 2023 demonstrating increasing adoption (including the notable
launch of Google on BLIK in Poland).
· Adjusted EBITDA** is expected
to be in line with current market expectations,
with adjusted EBITDA margins broadly flat on
2023.
· As previously
communicated, the Company is continuing to invest and, throughout
2024 and 2025, this is focused on core back-end infrastructure to
enable scalable growth over the next five years by readying the
business for an acceleration in regulated A2A volumes and material
increases in cross border transactions.
· Total Group cash
was $148.5m at 30 June 2024, inclusive of merchant cash in transit,
with no debt.
Operational
Highlights
· 79.6m Monthly
Active Users ("MAUs")*** of the Boku platform in June 2024 (June
2023: 61.2m), a 30% increase.
· TPV**** of $5.8bn
in H1 2024, up 17% from $5.0bn in H1 2023. On a constant currency
basis*, TPV was 26% higher than H1 2023.
· Average take rate
was 0.81% in H1 2024 (H1 2023: 0.76%), driven by growth in Higher
Take rates from Digital Wallets as seen in H2 2023.
· The Company is
delighted to welcome Rob Whittick as its new Group CFO (as announced separately
today).
Stuart Neal, Boku's CEO, commented: "We are very pleased with the first half
performance. Boku is targeting the $2.2 trillion market in cross
border ecommerce, within which it is predicted that 60% will occur
using local payment methods (LPMs) by 2028 (source: Juniper research). Throughout
H1 2024, we have continued to make bold steps towards becoming the
world's best network for localised payment methods, including the
creation of world leading licensed money movement capabilities, due
to complete in H1 2025. We are pleased with the continuing
underlying growth in our revenue, whilst we make preparations for
some significant market and customer launches in the latter part of
the year."
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*
Constant currency calculated by applying the monthly average
foreign exchange rates in 2023 to the actual 2024 monthly results.
This is an APM.
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** Adjusted EBITDA (Earnings before
interest, taxation, depreciation and amortization): Adjusted for
stock option expenses, foreign exchange gains/losses and
Exceptional items. This is an Alternative Performance Measure
("APM")
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*** Monthly Active Users (MAU) data includes all users
who successfully processed a payment or had an active bundle during
the last month of the period. This is an APM.
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**** TPV is the US$ value of transactions processed by the
Boku platform and includes transactions from DCB, Bundling,
eWallets and Account to Account payments. This is an
APM.
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Enquiries:
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Boku,
Inc.
Stuart Neal, Chief Executive Officer
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+44 (0)20 3934 6630
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Investec
(Nominated Adviser & Broker)
Edward Knight / Nick Prowting
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+44 (0)20 7597 5970
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Peel Hunt LLP
(Joint Broker)
Neil Patel / Ben Cryer / Kate
Bannatyne
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+44 (0)20 7418 8900
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IFC Advisory
Limited (Financial PR & IR)
Tim Metcalfe / Graham Herring / Florence
Chandler
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+44 (0)20 3934 6630
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Notes to
Editors
Boku Inc. (AIM: BOKU) is a leading
global provider of mobile payment solutions. Boku's mobile-first
payments network, including mobile wallets, direct carrier billing,
and account to account/real-time payments schemes, reaching over
7.5 billion mobile payment accounts through a single
integration.
Customers that trust Boku to
simplify sign-up, acquire new paying users and prevent fraud
include global leaders such as Amazon, Meta Platforms, Google,
Microsoft, Netflix, Sony, Spotify and Tencent.
Boku Inc. was incorporated in 2008
and is headquartered in London, UK, with offices in the US, India,
Brazil, China, Estonia, France, Germany, Indonesia, Japan,
Singapore, Spain, Taiwan and Vietnam.
To learn more about Boku Inc.,
please visit: https://www.boku.com