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24 Apr 2019 | 07:33

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 year through December amounted to around £221k, compared to losses of around £621k on-year.

Revenue rose 6.5% to £3.3m.

'2018 has been a year of strong progress for Mi-Pay in which key milestones have been achieved,' executive chairman Michael Dickerson said.

'We processed over £100m in fully managed payment transactions for the first time and successfully delivered indemnified payment fraud management services driving £0.3m of profitable new revenue.'

'his, combined with a continuing ability to scale efficiently and improve our cost base, delivered a material reduction in losses for the year and a profit after interest, tax, depreciation, amortisation and share based payments in the second half.'

'We enter 2019 having secured long term contractual extensions for clients representing 43% of our 2018 revenue and long-term infrastructure relationships which will provide real stability as we grow and as such a strong platform for the future.'

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