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22 Jul 2015 07:00
22 July 2015
Mi-Pay Group plc
("Mi-Pay" or the "Company")
Trading Update
Mi-Pay (AIM: MPAY), the leading provider of mobile payment solutions to Tier 1 Mobile Network Operators and Mobile Virtual Network Operators, is pleased to provide a trading update for the six months ended 30 June 2015.
Progress in the first half of the year has been encouraging, with trading in line with management expectations. Total revenue for H1 2015 was £1.5 million, an increase of 10% compared to H1 2014. In addition, underlying revenue growth (excluding the impact of a client lost in late 2013) for H1 2015 versus H1 2014 was 35%. We have seen continued growth in underlying transaction value and volumes and this progress has been achieved whilst maintaining positive payment success rates, low fraud levels and delivering a £0.7 million reduction in operating costs for H1 2015 versus H1 2014. The Company's cash position is strong following the £1.75 million placing completed in March 2015, with £3.8 million cash on the balance sheet as at 30 June 2015.
Seamus Keating, Chairman of Mi-Pay Group, commented: "The Board is pleased with the progress made during the past six months. We remain confident that we will be able to achieve positive cash flow in 2016 and we look forward to maintaining our strong first half performance throughout the remainder of the year."
For further information please contact:
Mi-Pay Group plc | Newgate | Zeus Capital |
Tel: +44 207 112 2129 | Tel: +44 207 653 9850 | Tel +44 161 831 1512 |
Seamus Keating, Chairman | Robyn McConnachie | Ross Andrews |
John Beale, CFO | Bob Huxford Edward Treadwell | Jamie Peel Tel +44 20 7533 7727 Alex Davies |
About Mi-Pay Group
Founded in 2003, Mi-Pay Group delivers fully outsourced online and related payment solutions to digital ecommerce clients, primarily in the mobile 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 (MVNOs). 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.
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