18 Apr 2019 10:02
18 April 2019
Mi-Pay Group plc
("Mi-Pay", the "Group" or the "Company")
Contract Extension
Mi-Pay (AIM: MPAY), the leading provider of outsourced digital transformation and mobile payment solutions, is pleased to announce that it has agreed terms on a contract extension with its largest Client (the "Client") for an incremental two-year period. This amendment extends the contract term, which was previously due to expire on 30 June 2020, to 31 March 2022. All other material terms of the contract have remained the same. The Client represented approximately 31% of the Company's annual revenue in 2018 (approximately £1.0m). This contract extension follows the successful integration with the Client's new infrastructure in August 2018, securing Mi-Pay as their core digital payment partner. The Board of Mi-Pay expects to deliver continued growth within this Client as its customers naturally migrate to digital payment channels.
Michael Dickerson, Chairman of Mi-Pay Group plc commented: "Following the successful integration into our Client's new infrastructure and the on-boarding of their recently acquired pre-pay customers we are delighted to be recognised as their long term, omni-channel digital solutions partner. This demonstrates our ability to drive recognised value into the digital propositions of European Mobile Network Operators over the longer term."
For further information please contact:
Mi-Pay Group plc | Allenby Capital Limited | IFC Advisory |
Tel: +44 207 112 2129 | Tel +44 203 328 5656 | Tel: +44 203 053 8671 |
Michael Dickerson, Chairman John Beale, CEO | James Reeve Asha Chotai
| Graham Herring Tim Metcalfe Heather Armstrong |
About Mi-Pay Group
Founded in 2003, Mi-Pay Group plc delivers fully outsourced online and related payment and fraud management solutions to digital ecommerce clients, primarily in the mobile and digital content sector. Its product offering provides the infrastructure to enable pre-paid mobile devices to be topped up via a variety of channels such as websites, mobile applications and social media applications and customers include Mobile Network Operators (MNOs) and Mobile Virtual Network Operators (MNVOs), additionally managing and indemnifying the data security and payment fraud risks. Mi-Pay sells, integrates and operates its products and solutions on a global basis. For further information, please visit www.Mi-Pay.com or contact details as shown above.