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

·6-min read
HiPay Group
HiPay Group

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

-------------------

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
ahurley@hipay.com

Investor Relations
Jérôme Daguet (CFO)
+33 (0)7 86 53 93 93
jdaguet@hipay.com 

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



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