Planet Payment Reports Results for Three Months ended March 31, 2012

Net revenue increases 22%

NET INCOME $0.8 MILLION; ADJUSTED EBITDA Increases 75%to $1.7 MILLION

Planet Payment, Inc. (UK: LSE: AIM: PPT and PPTR; USA: OTCQX: PLPM), a leading provider of international payment processing and multi-currency processing services, today announced its results for the three months ended March 31, 2012 (“Q1 ‘12”).  During the first quarter of 2012, the Company again achieved strong operating results.

First quarter of 2012 highlights include:

• Net revenue for the period increased 22% to $11.7m (Q1 ‘11: $9.6m).
• Consolidated Gross Billings increased 37% to $30.2m (Q1 ‘11:$22.0m). (See Table 2 for explanation of this metric)
• Gross Foreign Currency Mark-up increased 40% to $26.1m (Q1 ‘11: $18.6m). (See Table 2 for explanation of this metric.)
• Net income was unchanged at $0.8m (Q1 ‘11: $0.8). Net income in Q1 ‘11 included $0.7m in other income due to the Derecognition of a Note Payable. Prior to consideration of this item, Net income increased by $0.66m. 
• Adjusted EBITDA for the period increased 75% to $1.7m (Q1 ’11 $1.0m). See Table 1 for reconciliation of net income to Adjusted EBITDA.
• Settled multi-currency dollar volume processed increased 41% to $683m (Q1 ‘11: $485m).
• Total active merchant locations increased by 55% to 30,977 as of March 31, 2012 (as of March 31, 2011: 19,927). (See Table 2 for explanation of this metric.)

Net revenue for the three months ended March 31, 2011 has been restated to reflect the presentation of net revenue adopted in previously published financial statements.  The correction made to net revenue for the three months ended March 31, 2011 has already been reflected in the Company’s audited financial statements for the year ended December 31, 2011, which was issued on March 30, 2012.  Details of the adjustments to our previously issued unaudited statements of operations and statements of cash flows for the three months ended March 31, 2011 are set forth in Note 2 to the consolidated condensed financial statements included in this announcement and filed with OTCQX.

Commenting on the results, Philip Beck, Chairman of Planet Payment, Inc., said:

“Our revenue growth reflects the increase in transaction processing volumes primarily driven by increases in active merchant locations.  Customers have continued to roll out our multi-currency processing solutions as reflected by the 27% increase in active multi-currency merchant locations over last year.  The improvement in our financial results demonstrates the operating leverage inherent in our payment platform and business model.

During the first three months of 2012, the Company continued to expand its acquiring customer base in both existing and new markets, in particular announcing agreements with China UnionPay to provide processing support for China UnionPay’s credit and debit cards in both card present and card-not-present environments directly to banks and acquirers on a worldwide basis. The Company is enhancing the iPAY gateway to include support for China UnionPay’ new UnionPay Online Payment (“UPOP”) service, which is expected to launch in the second quarter of 2012.  The Company also recently announced an agreement with MICROS to add support for China UnionPay to the MICROS Payment Gateway.

In addition, the Company entered into agreements with Citibank, Hong Kong and Macau, Citi, Philippines and Mashreq, UAE for our Pay in Your Currency service in each of those countries.

During the period the Company continued the process of becoming a reporting company under U.S. Securities laws and continues to work with its advisors on that process.  In January 2012, the Company held a Special Meeting of Shareholders, in order to approve various matters in relation to the Company’s capital and corporate structures, in connection with the process.

Additional breakdown on the Company’s performance can be found in the Management’s Discussion and Analysis of Financial Condition and Results of Operations appended to this release. In accordance with the rules of the OTCQX market, the Company's First Quarter Report, including its Condensed Consolidated Financial Statements (unaudited), as of December 31, 2011 and March 31, 2012 and for the three months ended March 31, 2011 and 2012 have been posted on the OTCQX website at www.otcqx.com  and on the Company’s website at www.planetpayment.com.

Enquiries:

Forward-Looking Statements. Information contained in this announcement may include ‘forward-looking statements’. All statements other than statements of historical facts included herein, including, without limitation, those regarding the financial position, business strategy, plans and objectives of management for future operations of both Planet Payment and its business partners, and the public offering of the Company’s shares are forward-looking statements. Such forward-looking statements are based on a number of assumptions regarding Planet Payment’s present and future business strategies, and the environment in which Planet Payment expects to operate in future, which assumptions may or may not be fulfilled in practice. Actual results may vary materially from the results anticipated by these forward-looking statements as a result of a variety of risk factors, including, regulatory changes and changes in card association regulations and practices; general economic risk and volume of international travel and commerce and others. See the Company’s Quarterly Report for the period, filed at www.otcqx.com for other risk factors which investors should consider.  These forward-looking statements speak only as to the date of this announcement and cannot be relied upon as a guide to future performance. Planet Payment expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this announcement to reflect any changes in its expectations with regard thereto or any change in events, conditions or circumstances on which any statement is based.

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