Mi-Pay to narrow earnings losses as sale rise 10%

Writer, Stock Market Wire
Wednesday, January 30, 2019 - 07:30

Mobile payments group Mi-Pay said it expected its annual operating losses to narrow after it boosted sales and cut costs.

Operating losses for the year through December were seen amounting to £0.2m, compared to losses of £0.6m on-year.

Revenue was expected to rise 10% to £3.0m, more than offset by administrative expenses that the company said were albeit lower on-year.

Mi-Pay said it had achieved underlying profitability during the second half of the year, a key management target.

'The improved performance seen in the second half was a result of delivering a new revenue channel for payment fraud management through the leverage of our in-house technology, a continuing reduction of our operating cost base and strong growth across our existing clients,' chairman Michael Dickerson said.

'We expect to see this growth continue as the e-commerce and digital channels increasingly become our clients' core strategic focus for customer engagement and our new fraud management services continue to expand.'


Related content

Mi-Pay warns on profits; likely to lose major client

Payments company Mi-Pay warned that its annual earnings would fall short of current market expectations and that it could also be about to lose one...

Mon, 12/08/2019 - 08:23


Mi-Pay posts annual loss as expenses weigh

Payment technology company Mi-Pay Group posted a full-year loss after rising revenue was more than offset by spending including R&D costs.

Pre-tax losses for the...

Wed, 24/04/2019 - 07:33


Mi-Pay agrees contract extension

Mi-Pay announced it agreed a contract extension with a long-term existing client for an incremental five-year period, effective from 1 January 2019.

This client represented...

Thu, 21/02/2019 - 07:10


Mi-Pay wins fraud management contract with Alphacomm

Payment solutions group Mi-Pay said it had won a contract from Alphacomm for the provision of fraud management services.

Alphacomm was an online operating service...

Tue, 18/12/2018 - 07:38


Mi-Pay losses narrow; seeks profit in second half

Payment technology group Mi-Pay posted a first-half loss as higher R&D spending offset rising revenue.

Pre-tax losses for the six months through June amounted £146k,...

Tue, 25/09/2018 - 09:28