Telecom services group Alpyhra reported strong growth across its regional businesses in the first quarter of the year.
The group - formerly ITG - said the prepaid mobile phone market continues to grow in the volume of subscribers and the desire among operators to convert from paper to electronic recharge.
But the group said recent contract wins in Europe will take up to nine months to make significant impact on the business.
The Irish prepaid call market is also performing well, with seasonally adjusted growth of 12.8 per cent. The addition of the third Irish cellular operator, meteor, is also beginning to make an impact, the group said.
In Britain, the roll-out of a top-up service for prepaid gas cards following the signing of agreements with British Gas and Siemens last year has been a key driver.
The European business is also showing strong growth with prepaid transactions growing at an annualised rate of 47 per cent.