St James House PLC Trading Update (4088E)
February 28 2020 - 1:00AM
UK Regulatory
TIDMSJH
RNS Number : 4088E
St James House PLC
28 February 2020
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
28 February 2020
ST. JAMES HOUSE PLC
("SJH", the "Group" or the "Company")
Trading Update
The Board of Directors of the Company (the "Board") is pleased
to provide the following trading statement and update on recent
developments.
Payments Division
The payments division continues to make progress in all areas,
but particularly in non-card payments. EURO IBAN account openings
increased a further 16% to the 21 February and growth of GBP
accounts was in excess of 700%, however this is from a low base as
this service only commenced during January; the Board will be able
to present more meaningful data in the coming months as take-up
numbers grow. Transaction volumes are also steadily increasing
across our non-card payment services.
In card payment services, improvements in KYC approval process
and card distribution has seen an increase of 80% in transaction
volumes, with the extended target for 20,000 cards to be delivered
and activated remains unchanged (30 April 2020).
Technology developments enabling connectivity between accounts,
cards and e-wallet balances are fully implemented, giving clients
improved services plus FX capabilities between GBP and other
currencies on demand.
Our merchant services continue in an evaluation phase relating
to the upgraded payment gateway and fraud prevention software
released in January. The merchant services team have begun the
merchant approval process with a broad pipeline of suitable
candidates having applied for services from a range of medium to
high-risk industries.
Lottery Business
As previously announced the number of Lottery lines played on a
weekly basis continues to grow. The overall number of lines played
is approximately 33% higher in February 2020 than for February
2019. This growth has kept the Lottery Business on target to make a
positive operating contribution to the Group for the second half of
the year to 31 January 2020.
Group
Working capital remains constrained and an area of focus,
however the Board believes the improving operating performance will
alleviate the position gradually. The completion of the
subscription for new shares and capitalisation of existing
liabilities (as announced on 31 January 2020), that is subject to
shareholder approval at the general meeting to be held later today,
will assist substantially with the working capital position.
Chief Executive Graeme Paton commented, "We continue to progress
on our plan of delivering full-service, banking-style capabilities,
with the added flexibility that FinTech operators can provide. This
progress is reflected across the business, especially with our
"Banking As A Service" offer now that GBP is up and running
properly in addition to EUR. In fact our unique suite of GBP and
EURO accounts, connected to prepaid cards, which are proper IBANs
in EURO as well as standard format GBP accounts for qualifying
businesses, as well as individuals with FX services coming on
stream and USD accounts plus other currencies, will shortly mean we
can offer a real alternative to traditional payment companies -
servicing e-commerce, traditional businesses and individuals
alike."
For further information, contact:
St. James House PLC
Roger Matthews
Website www.sjhplc.com 020 3655 5000
Allenby Capital Limited
(Nomad, Financial Adviser & Broker)
John Depasquale / Nick Harriss 020 3328 5656
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Authority to act as a Primary Information Provider in the United
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END
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