Mi-Pay Group PLC Contract Extension (9624M)
August 03 2017 - 1:00AM
UK Regulatory
TIDMMPAY
RNS Number : 9624M
Mi-Pay Group PLC
03 August 2017
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014. Upon the
publication of this announcement via Regulatory Information
Service, this inside information is now considered to be in the
public domain
3 August 2017
Mi-Pay Group plc
('Mi-Pay', the 'Group', or the 'Company')
Contract Extension
Mi-Pay Group plc (AIM: MPAY), the leading provider of mobile
payment solutions to Tier 1 Mobile Network Operators and Mobile
Virtual Network Operators, is pleased to announce that it has
agreed a contract with a long-term existing client for an
incremental 3 year period. This is expected to secure existing
revenues and drive material growth in payment transaction value
processed from the EUR25 million processed in 2016. During the life
of the contract it is expected that per annum transaction value
processed will increase to over EUR100 million.
Mi-Pay will be working with the client over the next 12 months
to secure the growth in transactions through the delivery of its
fully outsourced, Omni-channel digital payment solution and
assisting the client with its full infrastructure rebuild. Mi-Pay
will be integrating and providing new services to the client's
customers, improving the end user digital payment experience within
a secure, risk free fully managed environment and ultimately aiming
to migrate further consumers to its solution during 2018.
There will be an initial reduction in revenues and margin as
both parties focus on the delivery of new solutions and new
commercial terms take effect, however Mi-Pay expects to see strong
long-term revenue growth during 2018 and beyond as the anticipated
higher volumes are realised
Seamus Keating, Chairman of Mi-Pay Group plc commented: "We are
delighted to have secured an additional contract with one of our
valued existing clients for another three years, in which we expect
to aid them in fully transforming their infrastructure and
significantly grow their digital consumer base as their chosen
digital payments partner. We look forward to growing our
relationship with our client and providing additional functionality
to their end users."
For further information please contact:
Mi-Pay Group IFC Advisory Zeus Capital
plc
Tel: +44 207 Tel: +44 203 053 Tel +44 161 831
112 2129 8671 1512
Seamus Keating, Graham Herring Nick Cowles
Chairman
John Beale, CFO Tim Metcalfe Jamie Peel
Heather Armstrong
About Mi-Pay Group
Founded in 2003, Mi-Pay Group delivers fully outsourced online
and related payment solutions to digital ecommerce clients,
primarily in the mobile sector. Its product offering provides the
infrastructure to enable pre-paid mobile devices to be topped up
via a variety of channels such as websites, mobile applications and
social media applications and customers include Mobile Network
Operators (MNOs) and Mobile Virtual Network Operators (MNVOs).
Mi-Pay sells, integrates and operates its products and solutions on
a global basis. For further information, please visit
www.Mi-Pay.com or contact details as shown above.
This information is provided by RNS
The company news service from the London Stock Exchange
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