30 Jan 2017 07:00
This announcement contains inside information
30 January 2017
Mi-Pay Group plc
("Mi-Pay" or the "Group" or the "Company")
Trading Update and Notice of Results
Mi-Pay (AIM: MPAY), the leading provider of outsourced digital transformation and mobile payment solutions to Tier 1 Mobile Network Operators and Mobile Virtual Network Operators, is pleased to provide a trading update for the year ended 31 December 2016, ahead of announcing its final results on 5th April 2017.
Trading Update
Trading for the year ended 31 December 2016 has been in line with market expectations. Total revenue for the year is expected to be £3.3 million (2015: £3.0 million) and the Company has continued to experience strong growth in transactions, delivering an increase in payment transaction values processed to £83 million during the year (2015: £65 million).
This was achieved whilst maintaining high payment success rates and low fraud levels which is expected to improve gross margins during the year. The Company has also delivered further year on year reductions in administrative expenses.
The Company's cash position at 31 December 2016 remained consistent with the prior year at £3.5m (£3.5m as at 31 December 2015).
Seamus Keating, Chairman of Mi-Pay, commented: "2016 has seen another year of progress for Mi-Pay and we are very pleased that we have delivered a significant increase in transactions processed with our continued investments in payment fraud, cyber security and payment services technologies driving improved efficiency across the Group."
For further information, please contact:
Mi-Pay Group plc | IFC Advisory | Zeus Capital |
Tel: +44 207 112 2129 | Tel: +44 203 053 8671 | Tel: +44 161 831 1512 |
Michael Dickerson, CEO | Graham Herring | Nick Cowles |
John Beale, CFO | Tim MetcalfeHeather Armstrong | Jamie Peel |
About Mi-Pay Group
Founded in 2003, Mi-Pay Group enables clients to transform their customers' payment journey and move them from paper to digital, improving the overall customer experience and delivering more choice and flexibility for pre-paid customers. Our 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. Customers include Mobile Network Operators (MNOs) and Mobile Virtual Network Operators (MVNOs). Our fully outsourced online payments solutions are enhanced by a fully integrated suite of risk management tools to provide the highest level of payment fraud management and data security for our clients and their customers. Mi-Pay sells, integrates and operates its products and solutions on a global basis. For further information, please visit www.Mi-Pay.com or the contact details as shown above.