LONDON (Alliance News) - Mi-Pay Group PLC Wednesday said trading in the first half of its financial year was in line with its expectations, with growth in underlying transaction value and volumes.
The mobile payments company said revenue amounted to GBP1.5 million in the six months ended June 20, compared with GBP1.4 million in the corresponding period the prior year. Underlying revenue, which excludes the effect of losing a client late in 2013, grew by 35% year-on-year, Mi-Pay said.
The company said it cut operating costs by about GBP700,000 in the first half, when compared with the corresponding period the prior year.
"We remain confident that we will be able to achieve positive cash flow in 2016 and we look forward to maintaining our strong first half performance throughout the remainder of the year," Chairman Seamus Keating said in a statement.
Mi-Pay had GBP3.8 million cash on its balance sheet at the end of June.
Mi-Pay shares were untraded at 28.00 pence on Wednesday morning in London.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
Copyright 2015 Alliance News Limited. All Rights Reserved.