UMT Group publishes its financial report for the first half of 2017 today. The Group's total performance was up 52% in the first half of the year, to TEUR 4,176 (year before: TEUR 2,755). Sales revenues more than tripled to TEUR 3,107 compared with the previous year (TEUR 1,031). Consolidated gross earnings amounted to TEUR 2,619 in the first half (year before: TEUR 2,701). UMT Group closed the first half of 2017 with a consolidated net income of TEUR 225. The consolidated retained earnings of TEUR 1,324 for the first half-year 2016 were related to the soft launch and going live of PAYBACK PAY in June 2016.
"Given our strong order pipeline and our ongoing negotiations with potential customers, we expect UMT Group's strong performance to continue in the second half of 2017. The success of our mobile payment platform speaks for itself. Our partnerships in mobile banking and investments in technologies like Blockchain have laid the groundwork for further growth," said Dr. Albert Wahl, CEO of UMT United Mobility Technology AG.
UMT has extended its value chain by acquiring a majority interest in UMT Peaches Mobile GmbH. UMT Group is also now operating in the fast-growing B2C segment through prelado, a leading German online portal in the digital prepaid market. Thanks to its strategic partnership with solarisBank, UMT is transitioning from a technical service provider into a full-service provider, and will be in a position in the future to offer its customers a full range of licensed mobile payment services, from technical processing to payment processing, e-money solutions and mobile banking, under solarisBank's banking license. The extension of UMT's value chain will allow it to integrate stored value products and digital currencies, or "crypto-currencies," so that both B2B customers and consumers will be able to enjoy the benefits of Bitcoins, for example, without long development processes or security concerns. In a first step towards this goal after the end of the reporting period, UMT Group secured a minority interest in the publicly traded London-based Coinsilium Group Ltd., which will serve as an operating subsidiary in the innovative Fintech and Blockchain segment.
UMT's share in mobile payment processing in Germany are likely to increase significantly in the second half of 2017. Through its relationship with PAYBACK and the associated integration of its platform into retailers' point-of-sale systems, UMT Group already covers a large proportion of the German mobile payment market. UMT Peaches Mobile GmbH will also make a substantial contribution at Group level. The Management Board of UMT United Mobility Technology AG reaffirms its forecast of double-digit consolidated revenue and earnings growth for 2017 as a whole.