Harvest Technology p l c : Board Approval of audited financial statements for the financial year ended 31 December 2022; Dividend; Business Update

Harvest Technology p l c : Board Approval of audited financial statements for the financial year ended 31 December 2022; Dividend; Business Update


Harvest Technology plc

Board Approval of audited financial statements for the financial year ended 31 December 2022;

Dividend; Business Update

Date of Announcement

13 April 2023

Reference No:


Capital Market Rule:



Approval of audited financial statements

Further to the company announcement dated 11 April, 2023 (HRV41) it is hereby announced that the Board of Directors of Harvest Technology plc (the “Company”) has approved the audited financial statements of the Company for the financial year ended 31 December, 2022. A copy of the said audited financial statements can be viewed on the company’s web portal: https://harvest.tech/financialstatements/. Attached to this company announcement is a Directors’ Declaration on ESEF Annual Financial Reports.

For the purposes of Capital Markets Rule 5.16.24, it is hereby noted that the difference between the results shown in the said audited financial statements and the projections for the year ended 31 December 2022 featured in the company announcement dated 3 June 2022 (HRV 30) amount to circa €0.9 million at the profit before tax level. In such company announcement it was indicated, inter alia, that the Company was expected to achieve higher revenue versus the prior year however profit before tax was expected to be around €3 million. Actual profit before tax for the year amounted to €2.1 million. This decline in performance can be largely attributed to challenges that the Company and its subsidiaries (together, the “Group”) faced during the year, as anticipated in the business update

provided on 2 December, 2022 (vide company announcement HRV 39, in which it was noted that based on the ongoing assessment of the Group’s performance and considering the continued persistence of the challenges highlighted in that and previous announcements, profit before tax for the year was expected to be lower than previously projected). Such challenges affected, in particular, the Group’s payment processing service segment, APCOPAY, which generated less revenue and profitability due to increased regulatory scrutiny and additional licensing requirements imposed on online gaming operators. As a result, the Group experienced a decrease in volume processed through its gateway, which in turn impacted revenue from both its merchants and partnering banks. Additionally, the year was impacted by further costs in relation to the development of the new cloud-based payment gateway, which is due to be launched in the second half of 2023. In the Retail and IT segment, specifically APCO Limited, the Group encountered some delays in the award of certain tenders, which tenders were eventually awarded in the last quarter of 2022 and are expected to be executed in 2023.

Approval of final dividend

The Board of Directors announces that it has resolved to distribute a net dividend of €113,903 equivalent to €0.005 per share, following rounding (the “Dividend”), which would result in an aggregate net dividend for the financial year ended 31 December, 2022 of €797,322 equivalent to €0.035 per share, following rounding. All shareholders included in the shareholders’ register of the Company as at 24 April 2023 shall be entitled to receive their respective share of the Dividend. Payment of the Dividend shall be on or around 5 May, 2023.

Business update

In 2023, the Group plans to intensify efforts to invest further in its payment gateway as aforesaid, to offer new products and services to clients. At PTL and APCO Limited level, the Group continues to focus on investment in growing the business both locally and internationally. This investment is expected to have an impact on the income statement in the current year but is expected to generate positive returns in future years. Furthermore, the Group is also evaluating strategic investments in the financial technology space that

can strengthen the position of its payments business. The Board’s main goal remains to create sustainable value for the Company’s shareholders by diversifying the Group’s product offerings and improving operational efficiency to address ongoing market challenges. The Board of Directors of the Company remains committed to leveraging the Group’s strengths and driving long-term growth in the rapidly evolving technology sector.


By the order of the Board.


Dr Malcolm Falzon

Company Secretary


Harvest Technology PLC published this content on 13 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 April 2023 14:04:01 UTC.

Publicnow 2023


Sales 2021 15,7 M
17,4 M
17,4 M
Net income 2021 2,69 M
2,98 M
2,98 M
Net cash 2021 2,19 M
2,42 M
2,42 M
P/E ratio 2021 12,3x
Yield 2021 3,03{38557cf0372cd7f85c91e7e33cff125558f1277b36a8edbab0100de866181896}
Capitalization 32,1 M
35,5 M
35,5 M
EV / Sales 2020 1,76x
EV / Sales 2021 1,96x
Nbr of Employees 125
Free-Float 40,0{38557cf0372cd7f85c91e7e33cff125558f1277b36a8edbab0100de866181896}


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