Boku's (LON:BOKU) FY17 results confirmed growth in all metrics, as new merchant connections helped drive a more than doubling of monthly active users and a tripling of payment volumes. With underlying costs actually falling year-on-year, the company significantly reduced losses and is on course to generate positive operating profit and EPS in FY18. FY18 outlook is unchanged and our forecasts are substantially unchanged. With net cash of $16m, the company is in a strong position to fund future growth, with products under development to use carrier data to optimise e-commerce.
FY17 results in line; strong growth in all metrics
Boku reported FY17 results in line with our expectations: strong growth in monthly active users (+141% y-o-y) generated growth in total payment volumes (TPV) of 207% y-o-y which, once taking into account the mix of transaction types, resulted in revenue growth of 42%. Better buying power and lower underlying operating costs led to a substantial narrowing of the EBITDA loss from $12.3m in FY16 to $2.3m in FY17, with positive EBITDA in H217. As a result of funds raised in the November IPO, the company closed the year with a net cash position of $16.2m.
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