LONDON (Alliance News) - Mi-Pay Group PLC on Tuesday said its loss narrowed in the first half of 2018, helped by reduced expenses and revenue growth.
The payment fraud management services provider's pretax loss narrowed to GBP145,764 in the six months to June 30 compared to GBP345,002 reported for the same period a year ago, as revenue rose to GBP1.6 million from GBP1.5 million.
General & administration expenses came in lower year-on-year at GBP775,472 versus GBP1.0 million the year before, while research & development costs grew to GBP285,521 from GBP156,505.
The total value of payment transactions processed in the period increased by 11% to GBP50.2 million, primarily driven from existing clients.
Looking forward, the company said it continues to review the risks associated with Brexit, as 39% of its clients are based in Europe, primarily in Ireland and Holland. Mi-Pay noted currently it expects to have minimal impact on its profitability.
"The board is pleased with the performance in 2018 to date and broadly in line with expectations," said Chairman Michael Dickerson.
"With further revenue growth delivered from our largest client and contracted cost savings from August, we seek to move towards profitability in the second half of 2018, underpinned by our improved financial position and stability," added Dickerson.
Mi-Pay shares were untraded on Tuesday, last quoted at 9.10 pence each.
