Planet Payment posted a 111% increase in total revenue for 2008

On March 31 Planet Payment, Inc., a leading international multi-currency payment and data processor, reported its preliminary annual results for the year ended December 31, 2008. A copy of the Preliminary Announcement of 2008 Annual Results issued through the London Stock Exchange Regulatory News Service is posted on the OTCQX website at www.otcqx.com.

For 2008 Planet Payment posted total revenue of $36.2m, a 111% increase from $17.2m in 2007. Gross profit increased 82% to $11.5m as compared with $6.3m a year ago. Total settled transaction volume stood for over $1.5 billion, up 236% from $465m in 2007. Operating costs as a percentage of revenue decreased to 60% against 106% in 2007. Adjusted EBITDA loss for the year improved by 24% to $6.3m. Net loss for the year improved 18% to $10.98m.

"Our strong 2008 results reflect that our business continues to grow, notwithstanding the current economic climate. Today, more than ever, businesses are seeking to increase revenue and improve operational efficiencies. Planet Payment offers its customers processing solutions that are designed to increase efficiency, open new sales channels and maximize revenues. The Company looks forward to continued growth in 2009 and achieving near-term profitability," said Planet Payment.