LONDON (Alliance News) - Mobile payments company Mi-Pay Group PLC on Wednesday said transaction growth in the first half of 2016 grew and gross profit for the period will increase as well.
Mi-Pay said transaction values grew 34% year-on-year in the half to the end of June to GBP39.0 million, leading to transaction revenue of GBP1.6 million. The transaction revenue only marks a 9.0% year-on-year growth after one unnamed customer opted to pay the merchant acquiring fee directly rather than through Mi-Pay.
But the company said gross profit is set to rise for the first half to GBP1.0 million, a 33% increase year-on-year.
Mi-Pay said it expects transaction values to hit GBP80.0 million for the full year 2016, up from GBP65.0 million in 2015, and revenue will be around GBP3.2 million to GBP3.5 million, more than double the GBP1.5 million made a year earlier.
Mi-Pay will publish interim results on September 21.
Shares in Mi-Pay were up 0.9% to 23.70 pence Wednesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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