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Mi-Pay
- BY: Andrew Hore |
- POSTED: 03/08/2016 |
Outsourced mobile payments services provider Mi-Pay has grown interim gross profit faster than revenues because a customer is paying the merchant fee directly.
Transaction volumes have risen by one-third to £39m but revenues were 9% ahead at £1.6m. Gross profit increased by one-third to £1m because of the lower passed through costs. Gross margin was 62%. This means that the interim loss will be lower. There was £3.4m in the bank at the end of June 2016.
The interims will be reported on 21 September. Full year revenues are expected to be in the range of £3.2m-£3.5m and gross margin should be maintained.
The share price rose 0.5p to 24p.
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