Mi-Pay Group in line with expectations, transactions processed increases

(ShareCast News) - Mobile payment provider Mi-Pay Group expects results for the calendar year 2016 to be in line with expectations with a "significant" increase in the value of transactions processed.The AIM-listed company expects revenue to rise slightly to £3.3m for 2016, from £3.0m the previous year, with an increase in payment transaction values processed to £83m, up from £65m.This was due to maintaining high payment success rates and low fraud levels, which is expected to improve gross margins for the year, along with reductions in administrative expenses.At the end of 2016, the company had £3.5m in cash, which was unchanged from the previous year.Chairman Seamus Keating said: "2016 has seen another year of progress for Mi-Pay and we are very pleased that we have delivered a significant increase in transactions processed with our continued investments in payment fraud, cyber security and payment services technologies driving improved efficiency across the group."Shares in Mi-Pay Group were up 3.22% to 19.61p at 1217 GMT.