Mash Group reports record revenue, up 78% from Q1/17 and 23% from Q4/17. With an EBIT of EUR 1.2 million, the Group believes they are well positioned to maintain momentum, comments CEO Hickson.
2nd May 2018 - Mash continued to grow rapidly in all markets during the first quarter, with new daily, weekly and monthly records in January, February and March.
Financial Highlights
- Lending volumes in Q1/18 were 31% higher than in Q4/17, and 142% higher than Q1/17.
- Revenues increased by 23% from the previous quarter and 78% compared to Q1/17, while EBIT increased 204% and 149%, correspondingly.
- The Group's solidity remains excellent, with equity increasing by 32% compared to the previous quarter and 78% compared to Q1/17, raising the equity ratio to 42%.
- Total assets grew by 23% (Q4/17) and 70% (Q1/17).
"Today, our average monthly volumes are over two and a half times that of Q1 2017 and three times compared to Q1 2016", says Group CEO James Hickson. "This is a testament to the bold decisions we made in 2017 to reposition our products, invest in our people and focus on developing strong partnerships that help drive sustainable growth moving forward. The changes we made to our product - shifting away from upfront fees to interest-based pricing - increases revenue over time, and we expect to benefit from that in 2018."
"We are also happy with the investment we have made with our pay later solution in Finland, which is now available in thousands of stores with plans to launch in more markets in 2018. There is work still to do, and we continue to explore potential collaboration opportunities with established market players to build new capabilities, but we believe we are well positioned moving forward."
Tommi Lindfors, Chairman of Mash Group added, "We made significant progress to grow our equity to 42% of our total balance sheet. This underscores the belief from our new and existing investors in our go-forward business and strategy, which is today ratified by our Q1 result."
The Group confirmed that they will communicate Q2 2018 figures on Monday 13th of August.
Interim Financial Statement
| Q1/2018 | Q4/2017 | Q1/2017 | |
| ASSETS | |||
| NON-CURRENT ASSETS | |||
| Intangible assets | 32 312 188 | 28 290 829 | 20 517 459 |
| Tangible assets | 18 484 | 17 266 | 25 779 |
| Investments | 3 812 541 | 0 | |
| TOTAL NON-CURRENT ASSETS | 36 143 213 | 28 308 094 | 20 543 237 |
| CURRENT ASSETS | |||
| Current receivables | 76 229 506 | 61 015 416 | 43 163 140 |
| Cash and Bank Receivables | 7 897 345 | 8 555 895 | 7 013 571 |
| TOTAL CURRENT ASSETS | 84 126 850 | 69 571 311 | 50 176 711 |
| TOTAL ASSETS | 120 270 064 | 97 879 406 | 70 719 948 |
| EQUITY & LIABILITIES | |||
| EQUITY | |||
| Share capital and issue | 80 000 | 80 000 | 80 000 |
| Translation difference | -455 014 | 96 287 | -4 652 |
| Reserve for invested non-restricted equity | 50 325 913 | 33 179 019 | 21 463 289 |
| Retained earnings | 224 387 | 6 730 119 | 6 903 866 |
| Profit for the Financial period | 88 731 | -2 092 199 | -163 832 |
| TOTAL EQUITY | 50 264 017 | 37 993 227 | 28 278 671 |
| LIABILITIES | |||
| Non-current Liabilities | 13,835,000 | 26 550 000 | 7 704 750 |
| Current liabilities | 56,171,046 | 33 336 179 | 34 736 527 |
| TOTAL LIABILITIES | 70 006 046 | 59 886 179 | 42 441 277 |
| TOTAL EQUITY & LIABILITIES | 120 270 064 | 97 879 406 | 70 719 948 |
| INCOME STATEMENT | Q1 2018 | Q4 2017 | Q1 2017 |
| TURNOVER | 5 033 130 | 4 098 580 | 2 827 072 |
| Other operating income | 4 285 | 2 643 | 310 |
| Materials and services | -154 615 | -193 498 | -116 399 |
| Personnel costs | -855 962 | -674 049 | -347 891 |
| Depreciation | -901 284 | -789 444 | -506 994 |
| Other business-related costs | -1 972 097 | -2 064 300 | -1 393 153 |
| EBIT | 1 153 457 | 379 932 | 462 945 |
| Financial income and expenses | -1 054 633 | -1 206 437 | -619 230 |
| EBT | 98 824 | -826 505 | -156 285 |
| Tax | -10 093 | 7 940 | -7 547 |
| Net Profit | 88 731 | -818 565 | -163 832 |
The interim financial figures and any comparison figures provided are unaudited. The reader is advised to refer to the 2017 annual review and financial statementsfor the latest audited figures and more information about the Group.
About Mash
Mash has been at the forefront of FinTech innovation since 2007. We leverage our advanced proprietary algorithms, machine learning capabilities, and automated platform to deliver superior finance and payments solutions to thousands of customers every day. We work hard for a future powered by technology, making every transaction seamless, flexible and worry-free. Today, Mash is one of Europe's leading FinTech companies.
Mash.com | press@mash.com | investor@mash.com |@MashComOfficial
For more information please contact:
Jonas Lindholm
Mash Group Plc
Tel +358 10 217 1003
investor@mash.com
press@mash.com
Attachments
- Pay with Mash - It's easy! (https://prlibrary-eu.nasdaq.com/Resource/Download/49dfd4b2-8b2e-43ab-867c-f194b4b3ccbe)
- Pay with Mash here, too (https://prlibrary-eu.nasdaq.com/Resource/Download/72da0a5d-1350-44f5-a6d5-eb9cd05c31a2)
- Mash quarterly lending volume growth (https://prlibrary-eu.nasdaq.com/Resource/Download/b95b035e-c81e-43a2-9d84-386266c24f5b)
- Tommi Lindfors (https://prlibrary-eu.nasdaq.com/Resource/Download/561fdba7-c336-49ed-aae8-ea3f85a4cb36)
- At Mash we say yes! (https://prlibrary-eu.nasdaq.com/Resource/Download/6c3ef0cf-9775-4018-93b3-335f6a2f317d)
- James Hickson (https://prlibrary-eu.nasdaq.com/Resource/Download/77aad7fb-b50f-4747-a405-161716e1762c)
