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February 25, 2020

MoneyGram total revenue drops 11% in 2019

American money transfer company MoneyGram International has posted total revenue of $1.29bn for the year ended 31 December 2019.

The figure represents 11% drop on a reported basis and 10% decline on a constant currency basis compared to 2018.

Revenue of the company’s Global Funds Transfer segment stood at $1.18bn.

Total operating expenses for the year amounted to $1.23bn including an $11.3m benefit from Ripple.

Net loss in 2019 also widened to $60.3m from $24m a year ago.

The increase in losses was attributed to non-cash pension settlement charge associated with the divestment of pension liabilities. Debt extinguishment costs and a $30m merger termination payment received in 2018, also contributed to the increase in net loss.

Adjusted EBITDA dropped 13% on a reported basis to $213.7m due to decrease in revenue.

MoneyGram Chairman and CEO Alex Holmes said: “We have invested proactively during the past several years to re-position MoneyGram as a modern, mobile, API-driven organization that is leading the evolution of digital P2P payments.

“While we begin 2020 with challenges in our US-outbound and US domestic walk-in businesses, we have a significant pipeline of agent renewals and new signings along with innovative digital products and growth opportunities that have the potential to offset these challenges and improve our financial performance.”

In the first quarter of 2020, the money transfer company expects to register total revenue of around $300m on a constant currency basis.

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