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Mi-Pay

  • BY: Andrew Hore |
  • POSTED: 19/02/2015 |

Shares in Mi-Pay fell 5p to 22.5p after it announced that it is raising £1.75m at 23p a share. 

Management expects to reach cash flow breakeven on a monthly basis by the end of 2015. However, the management had previously indicated that it had enough cash to reach the point where it would be cash-flow positive. Mi-Pay has reduced annualised costs by £1m. Net cash was £2m at the end of June 2014, and since then it has received £482,000 in deferred consideration from the sale of Autoclenz, the shell’s previous business.

Outsourced mobile payment services provider Mi-Pay takes a small percentage of what is paid to its clients and takes care of potential bad debts, credit card fees and other charges. Contracts tend to be for a minimum of three years. The company says that it performed in line with expectations in 2014.

Revenues fell from £3.3m to £2.7m, following the loss of a client that generated £800,000 and lower professional services revenues. New clients will generate a full 12 month contribution this year.

The enlarged share capital of Mi-Pay is valued at £9.36m.

AIM Journal February 2015 available.

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