St James House PLC Trading Update (5184M)
September 17 2019 - 1:00AM
UK Regulatory
TIDMSJH
RNS Number : 5184M
St James House PLC
17 September 2019
St James House plc
Trading Update
("SJH" the "Group" or the "Company")
17 September 2019
The Board of Directors of the Company (the "Board") is pleased
to provide the following trading statement and update on recent
developments (the "Update").
Payments Division
The new corporate client for the pre-paid card programme
announced on 9 July 2019, continue with the production of their
cards, however this is behind the original timetable as designs for
cards and related services are waiting for card scheme commercial
approvals. To date, no cards had been issued to end-users under
this programme.
Good progress has been made with the roll out of new services
for EUR, GBP and USD based accounts beginning the week commencing
16 September. These accounts will be able to be linked with the
pre-paid card environment bringing further functionality and
services such as SEPA and faster payments to existing and new
clients.
The Company has account applications for pre-paid cards in
progress for corporate clients and hopes to issue up to 20,000
cards by the end of November 2019.
Two further large-scale card programmes are in discussion and a
smaller programme for 6,000 cardholders is approaching launch.
Merchant services have seen an increase in applications after
the return from the summer break to provide payment gateway
services both directly and via partnership programmes. However, no
traffic is currently being processed due to issues with the nature
of traffic from clients onboarded during July and August
Play Division
The Lottery business remains on target to make a positive
operating contribution to the Group for the second half of the year
to 31 January 2020. There is no update for PPS Blockchain Ltd, the
lottery joint venture announced on 8 March 2019.
Graeme Paton, the Group CEO commented, "We are disappointed that
the pre-paid card programme and the onboarding of new merchant
traffic are both running behind schedule, but we remain confident
that they will be successful. However, we have not been sitting
still and have made operational progress in a number of areas.
Working closely with partners is an important part of developing
the merchant service offering as the impact of regulatory
uncertainty across Europe means that we need a panel of acquiring
banks both in Europe and around the world to continue to place our
client's business. Being able to offer those Merchant Services
clients settlement accounts means we can provide faster settlements
and offers, and additional income opportunities form account fees
and FX margins."
For further information, contact:
St. James House PLC
Graeme Paton, CEO
Website www.sjhplc.com 023 9319 0731
Allenby Capital Limited
(Nomad, Financial Adviser & Broker)
John Depasquale / Nick Harriss 020 3328 5656
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END
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