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HiPay Group – S1 2022 results: HiPay records 12% growth in particularly challenging context

HiPay Group

 

  • Payment volumes grew significantly to 3.6 billion euros in the first semester of 2022: a 12% increase compared with S1 2021 and a 43% increase compared with S1 2020.
  • The fintech’s commercial activity remains dynamic, allowing it to gain market share.
  • Turnover1 reached 27.5 million euros for the period.

 

Paris, 15 September 2022: HiPay (ISIN FR0012821916 – ALHYP), the fintech specialising in omnichannel payment solutions, has announced its results for the first semester of 2022.

(in millions of euros) H1 2022 H1 2021 % var.
Consolidated income
Payment volume 3,594 3,200 +12%
Turnover1 27.5 26.8 +3%
EBITDA1 -0.8 1.4 n.a.
Current operating income1 -3.1 -0.3 n.a.
Net income1 -3.6 -0.9 n.a.
Consolidated balance sheet
Shareholder capital 26.5 33.2 -20%
Cash1 1.5 3.6 -58%

 

 

 

 

 

 

Strong payment flow growth

Payment volumes saw sustained growth at 12%, reaching 3.6 billion euros in the first semester of 2022.
This performance can be put into perspective with:

  • A challenging comparison base: with the first semester 2021 affected by various lockdowns in Europe.
  • A particularly difficult and volatile macroeconomic and geopolitical context affecting consumer behaviour and business’s investment decisions.

This significant growth in the first semester despite these external factors attests to the robustness of the HiPay model, as well as its ability to expand.
On the basis of its omnichannel payment offering, HiPay is gaining market share: 151 new key accounts have been added.
The group is also accelerating its international development with 36% of its payments occurring outside France, taking its strong commercial dynamics to other markets.

 

Turnover evolution

Overall turnover has increased to 27.5 million euros (up 3% compared with S1 2021).
This growth below that of payment volumes can be explained by a number of Belgian banks stopping certain Direct Banking payment methods. These volumes have transferred to other, less lucrative payment methods.
Activity in France and elsewhere continues to grow strongly: turnovers have risen sharply from semester to semester, with increases of 25% and 27% per semester between 2019 and 2022 respectively (CAGR).
At the group level, spending remains controlled: direct costs are increasing in proportion with flows and staff costs are progressing in a reasoned manner with the recruitment of new talent to consolidate the HiPay team.
However, because the increase in turnover is not enough to cover the increase in these operational costs, the net result is -3.6 million euros.

 

Perspectives

During the first semester of 2022, HiPay obtained additional funding totalling 3.25 million euros, demonstrating the ongoing support of its financial partners.
For the 2022 financial period, HiPay aims to experience single-figure growth. The group is also adjusting its overheads in order to account for the expected difficulties caused by the current morose macroeconomic situation.

Next financial disclosure:

27 October 2022 (before the marketing opening) – Turnover for Quarter 3 2022

——————-
1 Unaudited data

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About HiPay
HiPay is a global payment services provider. Using the power of payment data, we help our sellers grow by giving them a 360° overview of their business.
More information at hipay.com. You can also find us on LinkedIn.
HiPay Group is listed on Euronext Growth (ISIN: FR0012821916 – ALHYP).

 

Contacts

PR 
Annie Hurley (CMO)
+33 (0)6 81 16 07 52
[email protected] 

Investor Relations
Jérôme Daguet (CFO)
+33 (0)7 86 53 93 93
[email protected] 

This release does not constitute a sale offer or the solicitation of an offer to purchase HiPay securities. If you would like more information about HiPay Group, please visit the Investors section on our website hipay.com. This release may contain provisional declarations. Although HiPay Group believes that these declarations are based on hypotheses that are reasonable on the release’s publication date, they are by nature subject to risk and uncertainty that can lead to differences between the actual figures and those indicated or inferred in these declarations. HiPay Group operates in one of the most volatile sectors where new risk factors can emerge. HiPay Group does not have any obligation to update these provisional declarations based on new information, events or circumstances.

Consolidated income

in thousands of euros 30 June 2022 30 June 2021
Turnover 27,475 26,775
Transactional direct costs – 14,667 – 13,501
Staff costs – 8,685 – 7,973
Operating costs – 4,962 – 3,902
EBITDA – 839 1,399
Allocation to and writebacks of amortisation and provisions – 2,126 – 1,662
Current operating income – 2,965 – 263
Valuation of stock options and free shares – 246 – 169
Other non-current income and expenses 62
Operating income – 3,148 – 432
Other financial income and expenses – 368 – 287
Pre-tax income – 3,516 – 719
Tax – 72 – 220
Net income – 3,589 – 939

Note: HiPay has changed how it presents its income statement. Operating costs now include general costs and non-transactional direct costs.

Consolidated balance sheet

ASSETS – in thousands of euros 30 June 2022 31 Dec. 2021 30 June 2021
Net goodwill 40,222 40,222 40,222
Net intangible assets 7,651 7,077 5,955
Net tangible fixed assets 7,023 7,388 8,007
Deferred tax assets 1,439 1,438 1,437
Other financial assets 1,151 1,152 1,141
Non-current assets 57,486 57,278 56,763
Clients and other receivables 2,027 2,214 2,043
Other current assets 93,528 90,338 85,128
Cash and cash equivalents 1,505 2,124 3,566
Current assets 97,060 94,676 90,737
TOTAL ASSETS 154,545 151,954 147,500
       
LIABILITIES – in thousands of euros 30 June 2022 31 Dec. 2021 30 June 2021
Share capital 19,844 19,844 19,844
Issue and acquisition premiums 50,156 50,156 50,156
Reserves and retained earnings – 39,904 – 35,745 – 35,833
Consolidated income (group share) – 3,589 – 4,348 – 939
Equity (group share) 26,507 29,907 33,228
Minority interests
Equity 26,507 29,907 33,228
Long-term loans and financial liabilities 11,962 13,015 14,256
Non-current provisions 3,305 3,267 612
Deferred tax liabilities
Non-current liabilities 15,267 16,282 14,868
Short-term financial liabilities 13,361 8,393 6,966
Suppliers and other creditors 6,970 4,917 4,378
Other current liabilities 92,440 92,454 88,059
Current liabilities 112,771 105,764 99,403
TOTAL LIABILITIES 154,545 151,954 147,500

Consolidated cash flow statements

in thousands of euros 30 June 2022 30 June 2021
Net income -3,589 -939
Adjustments for:    
Amortisation of fixed assets 1,358 1,043
Amortisation of IFRS 16 fixed assets 757 658
Other elements with no cash impact -12
Provisions for tax risks 38
Cost of IFRS 16 debt 154 164
Cost of debt 370 272
Cost of share-based payments 246 169
Current and deferred tax expenses 72 220
Operating income before WCR variation and provisions -594 1,575
WCR variation -72 3,423
Cash flow from operational activities -666 4,998
Interest paid -370
Income tax paid -111 -263
Net cash/Operational activities -1,147 4,735
Acquisition of fixed assets, claims and liabilities -2,504 -1,948
Variation in financial assets 1 -24
Net cash/Investment activities -2,503 -1,972
New loans 4,420
Loan repayments -516 -1,516
IFRS 16 lease liability repayment -714 -598
IFRS 16 interest paid -154 -164
+/- Net variation of cash liabilities
Net cash/Funding activities 3,036 -2,278
Net variation of cash and cash equivalents -619 485
Net cash on 1 January 2,124 3,081
Net cash at end of period 1,505 3,566

 

Attachment

  • 20220915_H1 2022 Results Release_EN

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