Mi-Pay narrows FY losses

(ShareCast News) - Mobile payments group Mi-Pay managed to narrow full year pre-tax losses to £1.4m from £4.3m on the back of a small jump in revenues and hefty cut in admin expenses.Revenues rose to £3m from £2.7m while administrative expenses fell to £3.1m from £5.4m.Income from transaction services revenue rose to £2.3m from £2m. Professional services revenue rose to £0.75m from £0.65m.The company said it would continue to "directly target the migration from the retail voucher channel to on-device and on-line solutions, building relationships with the market leading on-device payment solution providers and by incrementally investing in our security services including the commercialisation of our in-house fraud solutions"."The South East Asia region remains a target for longer term growth, in which we will continue to invest," it added. Chief executive Michael Dickerson said the company had made its first revenues from the Philippines, and despite slow growth in the region was still optimistic about longer-term growth prospects.