Revenue by business line

Source: Company.
Notes: 1. Including ten months of the financial results of EMP in 2016. 2. Other income includes foreign exchange gain/loss on spot currency conversion, unclaimed balances taken to the consolidated income statements in line with group’s accounting policy, cash advance fees and various other miscellaneous income.

Balanced mix and growth between Merchant Solutions and Issuer Solutions

  • Issuer Solutions: ~13% CAGR (‘16 – ‘18)
  • Merchant Solutions: ~14% CAGR (‘16 – ‘18)

Revenue growth driven by:

  • Secular trends in the region
  • Growth of e-commerce, which accounted for ~20% of Merchant Solutions revenue in 2018
  • Increased cross sell of value-added services and products
  • Underpinned by a loyal customer base, with a high share of recurring revenues

Underlying EBITDA Profile1

Source: Company.
Notes: 1. Including share of results from an associate TG Cash, an associate in which the Company holds a 50% stake. 2. Including ten months of the financial results of EMP in 2016. 3. Underlying EBITDA margin defined as underlying EBITDA excluding share of results from TG Cash divided by the reported revenue.

Underlying EBITDA margin driven by:

  • Economies of scale and operating leverage
  • Multiple sources of revenue on each digital payment transaction

2018 margin figure impacted by:

  • Continued investment into products and distribution channels
  • Enhancements to overall governance and controls framework

No adverse impact of currency movements

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