(Alliance News) - St James House PLC on Friday reported a strong start to its current financial year, with the e-commerce firm seeing a stronger performance from its Payments and Lottery businesses in February.
In its Payments division, the group's euro IBAN account openings increased by 16% up to February 21, and growth in pound sterling-quoted accounts rose eightfold, however St James House admitted that growth was from a low base, as the service had only started in January.
In addition, transaction volumes across its on-card payment services have steadily increased, while card payment services recorded an 80% rise in volume due to improvements in the Know Your Customer approval process and card distribution.
The target of 20,000 cards delivered and activated by the end of April remains unchanged.
In the Lottery business, the overall number of lines played in February was 335 higher over the same months the year before.
St James House continues to expect the segment to make a positive operating contribution for the second half of the year ended January 30.
For the group as a whole, St James House's constrained working capital remains an area of focus, however it is expected that the improving performance will gradually alleviate the position.
"We continue to progress on our plan of delivering full-service, banking-style capabilities, with the added flexibility that fintech operators can provide. This progress is reflected across the business, especially with our 'Banking As a Service' offer now that GBP is up and running properly in addition to EUR," said Chief Executive Graeme Paton.
Shares in St James House were untraded on Friday, last quoted at 38.02 pence in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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