(Alliance News) - St James House PLC said Friday although its working capital remains constrained, the company believes improving operating performance will alleviate the position gradually.
St James House shares were down 12% in London at 22.00 pence each on Friday afternoon.
In the trading update, the lottery and e-commerce operator said it is actively exploring options to improve the company's position before the ending of the current financial year on January 31.
St James House said it remains on target for the revised forecast of 20,000 cards to be delivered and activated by the end of January, while its Lottery business continues to be on target to make a positive contribution for the second half of the financial year.
"Together with recent agreements signed with two Baltic and European acquiring partners, resulting in successful test transaction from new merchants, we are confident of a positive contribution to the group during the first quarter of 2020," the company said.
In October, St James House had said revenue for the six months to July 31 fell by 23% year-on-year to GBP422,000 from GBP550,000, with pretax loss stretching to GBP1.3 million from GBP668,000.
The company also had said it does not expect an improvement in second half performance and that its working capital position remains constrained.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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