Boku Inc (LON:BOKU), a global network of localised payment solutions, has announced its audited results for the year ended 31 December 2023.
An exceptional year of growth, driven by the addition of more digital wallets and account to account connections to our global network of Local Payment Methods, delivering revenue and EBITDA significantly ahead of initial expectations
Financial Highlights
| · | Revenues for the year up $18.9 million (30%) to $82.7 million (FY22: $63.8 million) | |
| o | 33% higher than 2022 on a constant currency basis* | |
| · | Full year revenues include $16.9 million from digital wallets and A2A connections, up 153% from $6.7 million in 2022, following increasing adoption these payment methods by Boku’s key merchants | |
| · | Adjusted EBITDA* of $25.8 million up $5.6 million (FY22: $20.2 million restated) at almost 32% adjusted EBITDA margin even after allowing for continued investment in Boku’s global LPM network and management’s decision to pay one-time non-contractual bonuses totalling $0.9 million to reward all staff for the Company’s exceptional growth in FY23. | |
| · | Profit before tax from continuing operations up 178% to $11.4 million (FY22: $4.1 million) | |
| · | Net profit after tax of $10.1 million (FY22: $4.3 million, which excluded the profit after tax from discontinued operations of $24.6m) | |
| · | Total Group cash was $150.9 million at 31 December 2023, up from $113.9 million at 30 June 2023 and $116.5 million at 31 December 2022. The Group is debt free. In FY23 Boku spent £7.9 million repurchasing 5,512,079 of its own shares under the share buyback scheme | |
| · | The average daily cash balance*, a measure that smooths out the effect of carrier and merchant payments, was $131.7 million in December 2023, up from $105.8 million in June 2023 and $98.8m in December 2022 | |
| · | Cash generated from operations before working capital movements during the year was $23.4 million (FY22: $22.0 million) | |
| · | Interest income increased to $1.9 million (FY22: $0.2 million) as interest rates increased and more funds were moved to longer term deposits | |
