E-Cash Processor Firing On All Cylinders

Published: Saturday, August 12, 2006 Online-Casinos.com

FIRING ON ALL CYLINDERS

E-Cash processor revenues up 42 percent in second quarter, 52 percent over the half-year

There were more positive second quarter results from online gambling related companies this week, including payment processor FireOne, which owns the Fire Pay e-wallet solutions.

The company release numbers that showed second quarter revenues for the company at US$ 24.8 million, a 42 percent increase on the same period in 2005. First half revenues rose to US$ 50 million, a 54 percent increase on H1 2005.

Company spokesmen said that FireOne has focused on improving its operational capability and performance, leading to increases in operational margins, and that the company had ambitions to expand into new geographic regions.

FirePay e-wallet revenues rose to US$ 18.9 million in Q2 2006, a 66 percent rise over the second quarter of 2005. Half yearly 2006 revenues rose by 83 percent on H1 2005 revenues to US$ 37.7 million.

The company said gross profit improved as a percentage of revenues to 67.3 percent in the second quarter of 2006, from 58.9 percent in the second quarter of 2005. For the first half of 2006, gross profit improved to 65.8 percent from 58.5 percent in the first half of 2005.

For the first half of 2006, net profit increased by 98 percent over the first half of 2005 to US$ 16 million.

Payment volume increased 27 percent over the second quarter of 2005 to US$ 361million in the second quarter of 2006. FirePay wallet volume increased 48 percent over the second quarter of 2005 to US$ 250 million.