28 Jul 2017 07:00
28 July 2017
BOXHILL TECHNOLOGIES PLC
("Boxhill", the "Group" or the "Company")
AGM Trading Statement
Further to the earlier announcement by the Board of Directors of Boxhill (the "Board") regarding the final results for the 12 month period to 31 January 2017; the Group is pleased to give the following trading statement.
Since January 2017 the Group has seen improvement across the Payments Division, both in revenue and technology roll out.
In July 2017 EmexGo started issuing Virtual IBANs meaning that its customers are able to supply their account information in standardised international bank account format, with the customer as the named beneficiary, to receive inward payments. Available in multiple currencies this important improvement makes our services user friendly and therefore more attractive to those wishing to use alternative payment platforms by utilising internationally understood account formats which other providers are unable to do.
Further to this we have launched a high value transfer service, facilitating transactions in excess of €10,000,000 for corporate and individual customers. The service, driven by customer requirements, takes into account the additional care and attention that such low frequency but high value transactions require to complete smoothly. We expect at least one high value transfer per quarter and are currently working on several transactions, including one of a nine figure value and is currently being executed via a novel secure process through the banking system via EmexGo with the final destination being a UK tier 1 high street bank.
The card processing business is making good progress once again with new services including offering merchants Union Pay acceptance as well as Visa and MasterCard services. Our combined offering of card services and Virtual IBANs is being taken up by customers as we can reduce the time for settlement improving cash flow and saving money for our merchants.
Revenue from EmexGo in the first half of the year has already exceeded last year's total (excluding the fees to be earned on the above mentioned high value transactions) and we anticipate the card processing revenues to grow as in previous years and expect to see growth and momentum return to above H12016 levels through the second half of the year. The Company continues to seek a high-calibre chief executive to help it grow into the future.
For further information contact:
Boxhill Technologies PLC 020 7493 9644
Lord Razzall, Chairman
Website www.boxhillplc.com
Allenby Capital Limited (Nomad & Broker)
John Depasquale/Nick Harriss/ Richard Short 020 3328 5656