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iCash FY10 ebitda grows 155%

iCash FY10 ebitda grows 155%

Electronic payment company iCash Payment Systems (ASX:ICP) has reported a 24% increase in net profit to $3.2 million in FY10.

Revenue grew 118% to $41.6 million, while ebitda grew 155% to $6.5 million.

The company attributed the strong growth to a significant rise in sales at its Korean subsidiary, and strong performance of its Australian ATM operations.

“The 2010 financial result marks a turning point for iCash as the company delivers strong revenue and profit growth after three years of company acquisitions and on-going restructuring of those businesses,” iCash executive chairman James Murray said.

He added that iCash expects a strong earnings increase in FY11 as well.

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