TSL.L Share News (TSL)

LONDON (Alliance News) - Digital payments solutions provider ThinkSmart Ltd reported a drop in revenue and a widened loss for its first half on Wednesday, but volumes were up during the period.

Revenue for the six months to December fell to GBP4.0 million from GBP5.5 million, which ThinkSmart said, reflects product launch timings and a higher mix of lease accounting, where revenue is recognised over the term of the lease.

The company's pretax loss widened slightly to GBP1.4 million from GBP1.1 million in the same period the prior year.

However, volumes were up in the half by 6% year-on-year to GBP6.9 million, and this was 35% higher than the previous six months. Growth was driven, ThinkSmart said, by the launch of its Flexible Leasing product, which more than offset volume declines from existing products.

In the first two months of 2018, settled value volumes were up 23% year-on-year, with Flexible Leasing driving growth once again. Revenue and profit on the product are, however, to be recognised over the two-year lease term, meaning it will have a limited impact on the year ending in June.

Shares were up 6.5% on Wednesday at a price of 8.25 pence each.