SafeCharge (LON:SCH) continued to see London Stock Exchange investors cheer its shares, following the release yesterday of its mid-year Trading Update indicating that the payments services company was operating ahead of expectations.
In its update, SafeCharge indicated that the momentum generated throughout 2013 had continued into 2014, with Q1 2014 revenues substantially ahead of Q4 2013 and ahead of expectations for the quarter. More importantly as far as investors were concerned, SafeCharge indicated that the strong start to 2014 has continued and that as a result, both Revenues and EBITDA for the full 2014 year are expected to be materially ahead of market expectations.
The news sent SafeCharge stock up another 3.4% Monday, closing at £1.97 – a new 52-week (and all-time) high for the shares – giving SafeCharge a market value of $505 million. SafeCharge shares now sit 22% above its March IPO price.