LONDON (Alliance News) - Mi-Pay Group PLC on Thursday said it has agreed a contract extension with a long-term existing client for an incremental five-year period.
The provider of mobile payment solutions said the client represented 12% of its annual revenue in 2018, about GBP400,000. Mi-Pay did not disclose the client but said it was the company's first customer to successfully adopt Apple Pay as an alternative payment method.
The contract extension is on broadly similar terms to the previous contract, Mi-Pay explained. The company expects to deliver continued growth within this client account as client's customers naturally migrate to digital payment channels.
"We are delighted to have secured the extended terms with our valued client and look forward to working with them to drive wider European growth," said Chair Michael Dickenson.
"The additional ability to demonstrate alternative payments is increasingly important for our long term growth as we look to broaden our service offerings," added Dickenson.
Mi-Pay shares were trading 3.3% lower on Thursday at 9.68 pence each.
In addition, the company said it will report its 2018 results on April 24.