Boku - Payments profits support Identity growth

Boku’s FY19 trading update confirmed that it met consensus expectations for revenue and EBITDA, albeit aided by recognition of one-off revenues of $3.2m in H2. The Payments business showed strong underlying revenue growth driving a 90% increase in adjusted EBITDA while the Identity business made progress in building out supply outside of the US. We continue to consider the Payments business as the engine for profits while we view the Identity business as a longer-term investment in growth.