UMT publishes half-year report 2018: Increasing demand for innovative UMT services doubles consolidated net earnings
UMT United Mobility Technology AG (UMT) today published its half-year report 2018. The group recorded significant growth in revenue and consolidated net earnings. The growth driver was the increasing demand for the innovative UMT service offerings in the areas of mobile payment, cryptocurrencies, loyalty applications and consulting.
Total performance increased by 55% to TEUR 6,488 compared to TEUR 4,176 in the first half of 2017. The development of sales revenues was particularly pleasing, increasing by 61% to TEUR 5,325 compared to TEUR 3,107 in the same period of the previous year. Consolidated gross profit improved to TEUR 2,879 compared to TEUR 2,619 in the first half of 2017. Consolidated operating earnings before interest and taxes (EBIT) also rose significantly to TEUR 520 compared to TEUR 457 in the same period of the previous year. Below the line, the UMT Group closed the first half of 2018 with consolidated net earnings of TEUR 485. Thus, the result of TEUR 225 from the previous year's half-year was more than doubled.
The robust business development in the reporting period reflects the needs of business customers and end consumers for a broad range of services from a single source. The PAYBACK PAY project was a key focus of operating activities, herein specifically on the implementation and development of the mobile payment function within the PAYBACK App. In the first half of 2018, with the supermarket chain PENNY another retailer was successfully connected to the extensive acceptance network. PENNY is the first discounter in 2,180 stores across Germany to use UMT technology. PAYBACK, UMT AG's partner, is ideally positioned in the market with its own app, supplemented by the payment function developed by UMT.
UMT AG was able to strengthen its position in the market for cryptocurrencies. This is based on the cooperation concluded with UTRUST Switzerland AG in March 2018. The partners operate a transaction platform for crypto and conventional central bank currencies. The aim is to expand UMT AG's extensive service offering by adding a payment function with cryptocurrencies.
After renowned companies launched their cashless payment services in Germany in 2018 and will continue to do so, UMT will follow with an innovative solution. LOYAL is the name of the payment service app, which customers can use to integrate multiple providers on a single application. As a meta-app, it allows customers a high degree of flexibility and freedom with the highest possible level of acceptance.
"In the first half of 2018, we showed a great development on the product side as well as in terms of performance and financial figures. We want to confirm this for the year as a whole. Our service offering is enjoying increasing demand and we are well positioned; we have pioneering and coveted technologies and are launching our own consumer payment service app LOYAL this year. We are optimistic that we will achieve our goals and continue on our growth path in the future," says Dr. Albert Wahl, CEO of UMT United Mobility Technology AG.
With a view to 2018 as a whole, the Management Board expects consolidated revenue and earnings growth in the significantly upper double-digit percentage range. Despite the high investments in qualified personnel, research and development activities and the expansion of the infrastructure structure, the Management Board expects a significantly improved operating result. The positive outlook is based on the good order backlog, advanced negotiations with potential customers and the launch of the LOYAL meta-payment service app.
The half-year report is available on the company's website at www.umt.ag.