MoneyGram International reports Q1 results

Total revenue increase of 8% compared with same period last year

Total revenue for the quarter was USD318.1 million, an 8% increase on the USD294 million brought in during the same period last year (view press release). Money transfer fee and other revenue increased 12% on last year, 13% on a constant currency basis. Money transfer transaction increased 15% compared to same period last year and global agent locations increased 18% to 275,000. Self-service and new channel revenue grew 61% and represented 4.8% of money transfer revenue during the quarter. MoneyGram online saw revenue and transaction growth of over 30%, aided by launch of MoneyGram Online in the UK. Reported net income for the company was USD10.3 million and EBITDA was USD55 million.

Expansion during the quarter included an agreement with Grupo Elektra adding 1,800 locations in Mexico; completion of a 3 year expansion programme with Bank of China making MoneyGram available at the bank’s 10,000 plus locations across the country; 1000 locations added in the Indian subcontinent with Thomas Cook, India Post and UAE Exchange; additional 1000 locations in Russia and CIS; roll-out of 1000 locations in Bulgaria. The company also launched its marketing campaign targeting the Filipino market (the world’s fourth largest remittance receive country) ‘Moneygrado sa MoneyGram.’

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