LONDON (Alliance News) - Mi-Pay Group PLC on Wednesday reported a narrowed loss in 2018, helped by the launch of its new Fraud Service.
The mobile payment solutions provider said revenue in 2018 rose to GBP3.3 million from GBP3.1 million a year earlier, resulting in a pretax loss of GBP221,214 compared to GBP621,314.
Mi-Pay said the number of payment transaction volume processed increased to 7.4 million from 6.7 million a year before, with payment transaction value rising to GBP106.0 million from GBP94.0 million. Average value per transaction stood at GBP14.37, up from GBP14.09 a year ago.
However, Transaction Services revenue slipped to GBP2.6 million from GBP2.7 million in 2017 due to the impact of reduced pricing with Mi-Pay's largest client, which it didn't name. This is expected to be offset by "incremental" growth in transaction volumes over the longer term, it said.
Percentage revenue per transaction declined to 2.5% from 2.8% year-on-year.
The new Fraud Service, initially launched in October 2017 as a trial, saw its first full year of transactions and operation, delivering revenue of GBP300,000, Mi-Pay highlighted.
The direct fraud management solution in Europe reviewed GBP43.6 million payment transactions and delivered a gross margin of 39% over the year.
Revenue in the Professional Services unit, meanwhile, remained flat at GBP400,000, despite percentage revenue per transaction declining to 12% from 13%.
"2018 has been a year of strong progress for Mi-Pay in which key milestones have been achieved," said Executive Chair Michael Dickerson.
Mi-Pay shares were trading 0.9% higher on Wednesday at 11.85 pence each.