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30 Jan 2019 | 07:30

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

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.'

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