now BOX...14 Oct 2013 08:35
Change of Name & Trading Update
Mon, 14th Oct 2013 07:00
RNS Number : 3806Q
Boxhill Technologies PLC
14 October 2013
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Boxhill Technologies plc
("Boxhill" or the "Company")
Change of Name, Trading Update, and New Contracts Signed
14 October 2013
The Board of Directors of Boxhill (the "Board") (AIM:BOX), the AIM quoted lottery, software, gaming and leisure company is pleased to provide a trading update to shareholders.
Change of Name and Website
Following approval by shareholders at the general meeting held on 10 October 2013, the Company's name was changed from The Weather Lottery plc to Boxhill Technologies plc with effect from 11 October 2013. The Company's TIDM code has changed from "TWL" to "BOX" with effect from today.
The Company's AIM Rule 26 website can now be found at www.boxhillplc.com.
Trading Update
Boxhill is pleased to announce that their payments software subsidiary Pay Corporation Limited ("Pay Corp") has signed a contract with business software and services company Bright Office Limited ("Bright Office"), to provide Bright Office's customers with payment services. This is an important development for Pay Corp as it further extends its payment gateway outside of the gaming and lottery sectors. Bright Office supply customer relationship management software across a broad range of customers including solicitors, payment protection insurance ("PPI") claims management firms, finance brokers and mortgage advisers. A significant number of their clients require payment services as they fall outside of the scope of traditional payment services providers. Based on historic data, the Board estimates that a typical PPI claims management firm will generate revenues for Pay Corp of between £8,000 and £16,000 per month. Pay Corp anticipates a minimum take up of its services by between 10 to 20 Bright Office customers during the financial year to 31 July 2014. The deal includes an incentive plan in the shape of a revenue share for Bright Office to encourage their customers to take up Pay Corp's services which the Board believes will help the Company to serve a significant proportion of Bright Office's customers across the whole of its customer base.
Since the acquisition of Pay Corp on 13 September 2013, it has also signed up two new international clients among its traditional gaming client base. It is too early to give an assessment of the likely revenues from these contracts, but the early indications are encouraging further information will be provided at the Company's next trading update..
There has been continued progress in revamping the lottery business (the "Weather Lottery") over the last six months, with a number of new customers added and existing customers developed. This includes a refocused Lib Dems lottery which was laun