Fonix flags gross profit, earnings ahead of expectations

(Sharecast News) - Fonix said on Thursday that full-year gross profit and adjusted EBITDA were slightly ahead of market expectations, with gross profit rising 12.9% to £21.0m and adjusted EBITDA increasing 11.0% to £16.2m. Total payment volume grew 8.0% to £303.3m, while the mobile payments group completed a £2.0m share buyback and said it intended to raise its final dividend.

The AIM-traded company said international expansion accelerated during the year, with commercial operations launched in Portugal, pilots completed in Switzerland and preparations advancing in France and a fifth European market.

Fonix also extended major contracts with Global and ITV, maintained 100% platform uptime and said it expected a significant increase in Rich Communication Services activity from the end of the first half of the new financial year.

At 1237 BST, shares in Fonix were up 4.23% at 171p.

Reporting by Josh White for Sharecast.com.

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