Alphyra on course for fresh flotation

ELECTRONIC payments group Alphyra is on course to refloat on the stock exchange after profits grew by almost 80% last year.

Alphyra, which was taken private by its management three years ago, is looking at coming back to the markets next year. The surge in profits, to €7.6 million, should help to increase demand among investors for the company.

Alphyra management are considering the options for the company's future. These include a trade sale or listing on the stock market again. The latter option looks more likely.

Alphyra, which focuses on electronic top-up for mobile phones and bill payments, is owned by chief executive John Nagle, other members of senior management and private equity group Benchmark Capital (whose European arm is run by the former Esat Digifone boss, Barry Maloney).

Accounts for Alphyra Group, which have just been filed at the Companies Registration Office (CRO), show turnover for the year end December 2004 rose to €1.9 billion from €1.1bn in 2003.

Phone tops-up made up more than half of group revenues nearly doubling over the year from €693 million to €1.2 billion. Revenue from bill payments was up from €434m to €709m.

Since the company went private it has built up a strong presence in Britain, and the country now accounts for 75% of turnover. The remaining turnover is split between its businesses in Ireland and Europe.

The number of people employed by Alphyra at the end of 2004 increased to 477 from 380 at the beginning of the year. The increase pushed up the staff costs from €11 million to €22.3 million.

Directors' fees and salaries came to €941,000, a jump of €108,000. The four directors are listed as Mr Nagle, Mr Maloney, finance director John Williamson and chief operating officer Tim Murphy.

The accounts also show that the failed takeover of British firm PayPoint cost Alphyra €2 million.

The company spent just over €7 million on three acquisitions in 2004, two of them in mainland Europe.