Harvest Technology plc - Business Update

On 4 June 2024, Harvest Technology plc provided an update on the outlook for its business for the current financial year.

The company explained that following the launch of Apcopay Limited’s Synthesis payment orchestration platform in September 2023, the Company has registered an increase in processing levels driven by stronger organic growth from existing clients and from new customers that were recently onboarded. In the first four months of 2024, average monthly processing amounted to around €108 million, which equates to a 44% increase when compared to the same period in 2023. Whilst iGaming continues to be a key driver of Apcopay’s top line growth, the Company is witnessing a strong performance from new verticals, primarily airlines and retail.

Harvest also stated that in preparation to serve customers in the banking automation hardware business and other maintenance and support services, the hardware business will be exclusively handled by Apco Limited while the software business will be handled by PTL Limited.

In addition, Apco is continuing to develop its business offering in the automation and security market. In 2023, Apco started representing Cashmatic, a leader in self-pay and automated cash machines. Apco is also in discussions with other global brands.

On the other hand, PTL is focussing on developing its position in Enterprise Resource Planning and Cybersecurity, whilst consolidating its expertise in the banking, border control and healthcare sectors. Whilst the business is growing its sales pipeline in these verticals, it is facing challenges in other parts of the business, due to increased competition. Meanwhile, PTL continues to invest in its core proprietary software.

Based on the current forecasts, the Group is expecting to achieve higher revenues of €24.6 million in 2024 compared to €14.6 million in the previous year. The strong increase in revenue reflects delays in the commencement of key contracts which were eventually awarded and confirmed in early 2024. In the first four months of 2024, Harvest Technology generated consolidated revenue of €4.9 million, which is 9% higher than the same period in 2023.