TIDMMPAY
RNS Number : 1674Z
Mi-Pay Group PLC
16 September 2015
16 September 2015
Embargoed until 07:00
Mi-Pay Group plc
('Mi-Pay', the 'Group', or the 'Company')
Interim Results
Mi-Pay Group plc (AIM: MPAY), the leading provider of mobile
payment solutions to Mobile Network Operators and Mobile Virtual
Network Operators, is pleased to present its unaudited Interim
Results for the six months ended 30 June 2015.
Operational Highlights
-- The volume of transactions processed in the period increased
by 48% in the period versus H1 2014 after adjustment for the
terminated client in 2013. (22% before adjustment)
-- The trial of full on-line and on-device top up solutions with
a major UK Mobile Network is ongoing.
-- Contract extensions with our two largest customers have been
secured for an additional two years.
-- We have continued to deliver high payment success rates and
low fraud levels in line with internal targets during the
period.
-- 38% reduction in headcount over the 12 month period to 30 June 2015
-- Delivery of new global data centre infrastructure providing
enhanced flexibility, scalability and redundancy across both Europe
and Asia Pacific.
Financial Highlights
-- Total revenue increased 10% to GBP1.5 million (H1 2014: GBP1.4 million).
-- Underlying total Revenue (excluding the client terminated in
2013) increased to GBP1.47 million (H1 2014: GBP1.11 million) an
increase of 33%.
-- Gross margin increased to 49% (H1 2014: 45%) following
delivery of the internally developed fraud solution.
-- General and administration expenses reduced by GBP0.7 million
to GBP1.2 million (H1 2014: GBP1.9 million).
-- Reduction of Operating loss to GBP1.1 million for the period
(H1 2014: GBP3.0 million). Significantly reduced Adjusted Operating
Loss* of GBP0.8 million (H1 2014: GBP1.5 million).
-- Raised additional investment funding of GBP1.75 million in
March 2015 (GBP1.6 million net of costs).
-- Cash & cash equivalents as at 30 June 2015 were GBP3.8 million (H1 2014: GBP2.2 million).
-- Net cash flows from operating activities GBP0.2 million. (H1
2014: Net cash outflow GBP2.4 million)
-- Basic and diluted loss per share 3 pence (H1 2014: 12 pence loss per share).
Seamus Keating, Chairman of Mi-Pay Group plc commented:
"Following the investment and restructuring in 2014, the Board
is pleased to report the improvement in the Group's financial
performance. We have continued to see core transaction volumes grow
driving increased revenues, primarily from developing our
relationships with existing clients. Gross margins have increased
as we have insourced our fraud management capability and we have
delivered a material reduction in general and administration
expenses. These reductions have all combined to deliver a GBP0.7
million improvement in Adjusted Operating Loss* over the period
when compared to the same period in 2014. The continued month by
month reduction in losses and cash burn, combined with the GBP1.75
million new equity investment in March 2015 and GBP0.3 million
research and development tax credit for 2014 (received in August
2015), provides us with a strong cash platform which will enable us
to continue to grow and invest and as such we remain on target to
deliver positive trading cash flow in 2016"
*Adjusted Operating loss defined as Operating Loss for the
period before charging share based payments and non-recurring
expenses directly attributable to the listing transaction and
subsequent group reorganisation
For further information please contact:
Mi-Pay Group plc Newgate Zeus Capital
Tel: +44 207 112 2129 Tel: +44 207 653 9850 Tel +44 20 7533 7727
Seamus Keating, Chairman Robyn McConnachie Ross Andrews
John Beale, CFO Ed Treadwell Jamie Peel
Tim Thompson
Founded in 2003, Mi-Pay Group plc delivers fully outsourced
online and related payment solutions to digital ecommerce clients,
primarily in the mobile sector. Mi-Pay 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 (MVNOs). Mi-Pay sells,
integrates and operates its products and solutions on a global
basis. For further information, please visit www.Mi-Pay.com or use
the contact details above.
Chief Executive Officer's review
H1 2015 Overview
Mi-Pay has delivered significant improvement in H1 2015 trading
performance following the investments and restructuring in 2014 and
is trading in-line with management's expectations. We have
continued to deliver growth in our core proposition of Transaction
Services Revenues and have maintained consistent levels of
Professional Services Revenues whilst driving improved gross
profits and reduced administration expenses.
We are continuing to see the migration of consumers to the
direct, online channel and expect this to continue as our clients
look to drive more digital volumes. Our ability to provide a market
leading payment experience, whilst removing our clients' risks
keeps us in a strong position to take advantage of this continuing
migration trend.
Strategy
Our strategy is to deliver outsourced online payment solutions,
primarily to Mobile Operators enabling them to better serve their
pre-paid subscriber base. Our value proposition provides an
excellent and complete outsourced end-user experience and where
required, indemnifies our clients against fraudulent transactions.
Mi-Pay's products also increase revenue through better customer
payment experience maximising payment success rates. In addition
our products provide an invaluable tool for customer relationship
management - reducing churn rates and enabling online payment
solutions as a marketing tool. Critically we are payment agnostic
and will facilitate across our client base the relevant market
leading payment methods, applying our own experience and
optimisation techniques to enhance the existing customer
experience. This approach both improves the customer journey and
future proofs our clients' payment, security and risk management
capabilities.
We aim to offer our clients a multi-faceted payment solution to
enhance their customer retention strategies. This will enable them
to deliver long term direct channel strategies transitioning their
customers from traditional unregistered 'card' payment solution, to
'one click', recurring, secure, multi-channel payment solutions. As
a result our clients will also be able to market directly to their
consumers via our channels, helping them to drive long term
value.
Having now been connected to major operators in the UK and
Europe we continue to see strong migration onto the digital
channel. We are targeting growth in volumes from existing clients
as they continue to look for competitive solutions to retain and
better manage their consumer bases. The changing world of payments
further enhances our position as a consolidator of the market to
de-risk our client's future access to their customers.
Asia Pacific is a market of significant potential, where the
penetration of consumers with both smartphones and bank accounts is
growing to a level of critical mass. The global investments of
Visa, MasterCard and subsequent payment experts such as PayPal
continue to drive the unbanked consumers to become banked,
facilitating our future growth in Asia Pacific and enabling us to
engage with clients across the region.
Our solution provides a high value and risk free option to the
Mobile Operators, whilst at the same time it provides our payment
partners with access to growing markets. In Asia specifically our
experience in optimising online payment solutions whilst managing
fraud is unique and provides a clear competitive advantage as the
market develops.
Operational Review
Trading
Revenue in the half-year amounted to GBP1.5 million (H1 2014:
GBP1.4 million). However, this masks the loss of a client in 2013
which reduced comparable revenues by GBP0.2 million. Excluding this
client, we delivered a 33% improvement in total revenues.
Our growth was primarily delivered from our existing European
clients through the implementation of new services and the natural
migration of their consumers to the on-line channel. This delivered
transaction volumes above management's expectations.
During H1 2015 we saw strong growth from the ongoing trial of
full on-line and on-device top up solutions with a major UK Mobile
Network. This trial has proved successful, leading to transaction
volumes increasing from 5,000 to the current run-rate of 70,000 per
calendar month. The client is now clearly demonstrating a strategic
focus on improving the digital experience to drive more consumers
toward the digital channel. We are particularly pleased to have
delivered top-up services within the client's mobile 'app' and to
have delivered new payment methods and channels, such as PayPal and
PowaTag, to its customers, thereby further enhancing our mobile
wallet and on device solutions.
In the Philippines the Mi-Pay service is live with a major
Mobile Operator, but we do not expect a meaningful build-up of
transaction revenues until the Mobile Operator launches its
marketing campaign, which we currently understand will be
commencing later this year.
The successful delivery of our internal fraud engine resulted in
a 4% improvement in gross margins for the period, with no adverse
impact to our levels of fraud incurred. In addition the business
restructure delivered a GBP0.7 million reduction in general and
administration costs, which has enabled us to materially reduce our
loss from continuing operations to GBP1.0 million for the 6 months
ended 30 June 2015 (GBP2.8 million for the 6 month period ended 30
June 2014 which, as noted below included GBP1.2 million of
exceptional costs related to the listing on AIM).
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Investment in the Business
Despite the reduction in headcount, we have continued to invest
in the Mi-Pay infrastructure, solutions and products. During the
period we:-
-- Delivered new solutions to our clients that enable top-up
payment via mobile Applications and on device solutions.
-- Integrated with PowaTag to enable consumers to top up their credit via QR codes.
-- Continued to develop new payment solutions focusing on social
media and next generation payment methods.
-- Designed and built a new global Data Centre infrastructure,
supported by the next generation IBM Softlayer technology. This has
delivered live service from August 2015 and provides:-
o Dual data centres in Europe and Asia to support regional
growth.
o Enhances redundancy and fail over capability for all of our
clients.
o Real flexibility for global growth and the ability to
efficiently migrate our solution anywhere globally as required.
-- Continued to achieve historic low fraud levels and improved
top-up success rates for our clients. We are also pleased that the
implementation of our internal fraud management engine has not
negatively impacted performance. We continue to invest in
developing software and fraud management capabilities which enable
us to enhance both business performance and intellectual
property.
-- Invested in our platform security to successfully deliver the
enhanced requirements of PCI:DSS level 1 compliance for the 6(th)
consecutive year. Critically this is across our new global
infrastructure. (July 2015)
-- Maintained a consistent level of research and development expenditure
Financial Review
Six months
Six months ended Year ended
ended 30 30 June 31 Dec
June 2015 2014 2014
GBP GBP GBP
-------------------------------------------------- ------------ ------------ ------------
Transaction Services Revenue 1,111,359 1,002,781 2,033,961
Professional Services Revenue 388,713 355,630 665,354
Revenue 1,500,072 1,358,411 2,699,315
Lost contract (26,587) (246,472) (342,870)
Underlying Revenue 1,473,485 1,111,939 2,356,445
---------------------------------------------------- ------------ ------------ ------------
Gross profit 736,229 613,855 1,203,710
Gross profit % 49% 45% 45%
---------------------------------------------------- ------------ ------------ ------------
Operating loss (1,115,551) (3,012,373) (4,714,121)
Share-based payment 202,473 76,115 298,419
Exceptional items - listing costs - 1,166,517 1,166,816
Other non-recurring costs 84,461 303,324 390,585
Adjusted Operating loss (828,617) (1,466,416) (2,858,301)
Loss for the period/year from continuing
operations (1,005,961) (2,837,802) (4,317,643)
---------------------------------------------------- ------------ ------------ ------------
Net cash flow from operating activities 186,048 (2,440,747) (3,114,079)
Cash flow from financing 1,613,495 849,089 832,589
Cash and cash equivalents 3,756,283 2,215,085 2,002,698
Basic and diluted loss per ordinary
share (3)p (12)p (15)p
--------------------------------------------------- ------------ ------------ ------------
During the six month period to 30 June 2015 and in comparison to
the six month period to 30 June 2014:
-- We have seen improvement in both our Transactions Services
and our Professional Service gross margin, delivering an overall 4%
improvement. This was directly attributed to the delivery of our in
house fraud solution and a more efficient project delivery model.
Additional opportunities exist to increase these further
through:-
o Growth in transaction volume driving natural efficiencies with
better supplier terms.
o Growth in transaction volumes and a wider roll out of our
products enabling us to further mitigate fraud risks.
o A change in mix towards higher margin business.
-- General and administration costs reduced by GBP0.7 million,
as we resized the business and successfully restructured the
delivery model. We have continued to deliver the same levels of
growth and revenues, including the enhancement of our solutions
despite the headcount reductions.
-- In line with expectation we incurred GBP0.1 million
non-recurring restructuring costs during the period.
The Group ended the period with GBP3.8 million in cash and cash
equivalents (GBP2.2 million at 30 June 2014), noting that of this
balance GBP2.3 million related to the operation of managing client
payments (GBP1.1 million at 30 June 2014). We were pleased to
deliver a small but positive net cash flow from operating
activities during the period of GBP0.2 million (GBP2.4 million net
cash outflow for the 6 months ended 30 June 2014), primarily due to
the reduced losses and the more efficient management of working
capital arising from improvements in the settlement times of client
monies.
Additionally, in August 2015 the Group received GBP0.3 million
for research and development tax credits relating to the 12 month
period to 31 December 2014. This increase to our cash and cash
equivalents will, the Directors believe, provide the Group with
sufficient funds to continue to invest and organically grow the
business towards achieving our target of being cash positive in
2016.
Fundraising
On 9 March 2015, the Group completed further investment for
working capital raising GBP1.75 million (before expenses) through
the issue and allotment of 7,608,696 ordinary shares at 23 pence
each.
Employees
We recognise that the performance achieved in this period would
not have been possible without the support and continued dedication
of our staff who have supported the new delivery model and
continued to deliver solutions to our clients, support the strong
transaction growth and develop improved, secure technologies
despite the restructure during the period. They are our most
valuable resource and we would like to thank them for their
efforts.
Outlook
Mi-Pay has made significant progress towards delivering its
short term objective of becoming cash generative in 2016. Having
invested heavily in 2014 the benefits of this are now being
demonstrated in the Groups performance at every level with
increased revenues, gross profits and reduced administrative
expenses. We expect to continue to reduce cash burn on a
month-by-month basis, see continued revenue growth from all of our
clients and continue to improve our gross margins.
Continued investment into our fraud management capabilities and
delivery in 2015 of a flexible, security compliant global
infrastructure environment, will provide us with a platform to grow
more effectively and with greater stability. Our focus for the rest
of 2015 and 2016 is to achieve profitability, continue to support
and grow our existing client bases and deliver new clients,
specifically targeting the increasing need for more mobile and
social media based payment experiences in a safe, secure and fully
managed environment.
The Board remains confident that our total market opportunity
continues to increase as the on-line payments market expands
globally, and our growing relationship with all of our clients
keeps us in a strong position to take advantage of this. The key
market of Asia remains an opportunity and one that we expect to
deliver growth for us over the longer term.
Michael Dickerson Seamus Keating
CEO Chairman
Consolidated Statement of Comprehensive Income
For the period of six months ended 30 June 2015
Six months
Six months ended Year ended
ended 30 30 June 31 December
June 2015 2014 2014
Note GBP GBP GBP
------------------------------------------ ----- ------------- ------------ -------------
Revenue 1,500,072 1,358,411 2,699,315
Cost of sales (763,843) (744,556) (1,495,605)
------------------------------------------- ----- ------------- ------------ -------------
Gross profit 2 736,229 613,855 1,203,710
Administrative expenses
------------------------------------------ ----- ------------- ------------ -------------
General and administration (1,218,696) (1,913,369) (3,116,789)
Research and development (349,569) (361,470) (1,117,915)
Depreciation and amortisation (81,042) (108,757) (217,892)
Share-based payment (202,473) (76,115) (298,419)
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Exceptional items - listing costs 3 - (1,166,517) (1,166,816)
Total administrative expenses (1,851,780) (3,626,228) (5,917,831)
Operating loss (1,115,551) (3,012,373) (4,714,121)
Finance income 1,031 8,100 19,142
Finance expense (471) (107,618) (124,792)
------------------------------------------- ----- ------------- ------------ -------------
Loss before taxation (1,114,991) (3,111,891) (4,819,771)
Taxation 4 109,030 274,089 502,128
------------------------------------------- ----- ------------- ------------ -------------
Loss for the period/year from continuing
operations (1,005,961) (2,837,802) (4,317,643)
------------------------------------------- ----- ------------- ------------ -------------
Other Comprehensive expense for
the year
Exchange differences on translation
of foreign operations (1,927) - (3,838)
Loss and total comprehensive expense
for period
attributable to the owners of the
parent (1,007,888) (2,837,802) (4,321,481)
------------------------------------------- ----- ------------- ------------ -------------
Basic and diluted loss per ordinary
share for continuing operations 5 (3)p (12)p (15)p
------------------------------------------- ----- ------------- ------------ -------------
The notes on pages 12 to 14 form part
of these financial statements.
Consolidated Statement of Financial Position
As at 30 June 2015
Six months
Six months ended Year ended
ended 30 30 June 31 December
June 2015 2014 2014
Note GBP GBP GBP
---------------------------------------- ------ ------------- ------------- -------------
ASSETS
Non-current assets
Other non-current financial - 166,669 -
assets
Property, plant and equipment 275,197 415,195 310,281
Deferred tax asset - 1,413 -
----------------------------------------- ------ ------------- ------------- -------------
Total non-current assets 275,197 583,277 310,281
Current assets
Trade and other receivables 6 966,705 1,200,376 759,143
Current tax 451,512 387,565 339,333
Cash and cash equivalents 3,756,283 2,215,085 2,002,698
Other current financial assets - 333,332 -
------------------------------------------ ------ ------------- ------------- -------------
Total current assets 5,174,500 4,136,358 3,101,174
Total assets 5,449,697 4,719,635 3,411,455
------------------------------------------- ------ ------------- ------------- -------------
LIABILITIES
Current liabilities
Trade and other payables 7 (3,866,172) (2,651,806) (2,636,010)
Obligations under finance
lease (66,000) (66,000) (66,000)
Total current liabilities (3,932,172) (2,717,806) (2,702,010)
Non-current liabilities
Obligations under finance
lease (132,000) (181,500) (165,000)
------------------------------------------ ------ ------------- ------------- -------------
Total non-current liabilities (132,000) (181,500) (165,000)
Total liabilities (4,064,172) (2,899,306) (2,867,010)
----------------------------------------- ------ ------------- ------------- -------------
Net assets 1,385,525 1,820,329 544,445
----------------------------------------- ------ ------------- ------------- -------------
Equity
Share capital 4,159,323 3,401,992 3,398,453
Share premium 1,403,923 529,268 518,298
Share options reserve 500,892 76,115 298,419
Reverse acquisition reserve 6,920,115 6,920,115 6,920,115
Merger reserve 6,808,742 6,808,742 6,808,742
Retained deficit (18,407,470) (15,915,903) (17,399,582)
----------------------------------------- ------ ------------- ------------- -------------
Total equity attributable to the equity
shareholders of the parent 1,385,525 1,820,329 544,445
The notes on pages 12 to 14 form part
of these financial statements.
Approved by the Board of Directors and authorised for issue
on 15 September 2015
Michael Clay Dickerson
Chief executive officer
Consolidated Statement of Cash
Flows
For the period of six months ended
30 June 2015
Six months
Six months ended Year ended
ended 30 30 June 31 Dec
June 2015 2014 2014
Note GBP GBP GBP
---------------------------------------- ------ ------------ ------------ ------------
Cash flows from operating
activities
Loss before tax from continuing
operations (1,114,991) (3,111,891) (4,819,771)
------------------------------------------ ------ ------------ ------------ ------------
Adjusted for:
Depreciation 81,042 108,757 217,892
Finance income (1,031) (8,100) (19,142)
Finance expense 471 107,618 124,792
Share based payment 202,473 1,006,651 1,228,955
(Increase) / decrease in trade
and other receivables (207,562) 576,080 1,017,302
Increase / (decrease) in trade
and other payables 1,228,235 (1,122,740) (1,138,536)
Adjusted loss from operations after
changes in working capital 188,637 (2,443,625) (3,388,508)
Interest received 1,031 8,100 19,142
Interest paid (471) (334) (17,508)
Income taxes (paid) / received (3,149) (4,888) 272,795
Net cash flows from operating
activities 186,048 (2,440,747) (3,114,079)
Cash flows from investing
activities
Cash acquired on acquisition - 2,808,149 2,808,149
Redemption of loan notes
receivable - 83,333 564,999
Purchase of property, plant
and equipment (45,958) (41,136) (45,357)
Net cash flows from investing
activities (45,958) 2,850,346 3,327,791
Cash flows from financing
activities
Proceeds from issue of share capital,
net of issue costs 1,646,495 700,000 700,000
Issue of debt and convertible
debt, net of issue costs - 198,589 198,589
Finance lease payments (33,000) (49,500) (66,000)
Net cash flows from financing
activities 1,613,495 849,089 832,589
Net increase in cash and cash
equivalents 1,753,585 1,258,688 1,046,301
Cash and cash equivalents at beginning
of period 2,002,698 956,397 956,397
------------------------------------------- ------ ------------ ------------ ------------
Cash and cash equivalents
at end of period 3,756,283 2,215,085 2,002,698
------------------------------------------ ------ ------------ ------------ ------------
Consolidated Statement of Changes in Equity
For the period of six months ended 30 June 2015
Treasury
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and
ESOP Convertible Share Reverse
Share Share share debt option options acquisition Merger Retained
For the period ended 30 June 2015 capital premium reserve reserve reserve reserve reserve deficit Total
GBP
GBP GBP GBP GBP GBP GBP GBP GBP
----- ------ ----- ------------------- ---------- ---------- --------- ------------ ---------- ------------- ------------
At 1 January 2015 3,398,453 518,298 - - 298,419 6,920,115 6,808,742 (17,399,582) 544,445
Loss for the period from continuing
operations - - - - - - - (1,005,961) (1,005,961)
----------------------------------------- ---------- ---------- --------- ------------- ------------
Other comprehensive expense for
the period - - - - - - - (1,927) (1,927)
Placing of new ordinary shares
in the period 760,870 885,625 - - - - - - 1,646,495
Share-based payment - - - - 202,473 - - - 202,473
At 30 June
2015 4,159,323 1,403,923 - - 500,892 6,920,115 6,808,742 18,407,470 1,385,525
------------- ------------------------- ---------- ---------- --------- ------------ ---------- ------------- ---------- ------------- ------------
Consolidated Statement of Changes in Equity
For the period of six months ended 30 June 2015
Treasury
and ESOP Convertible Share Reverse
For the period ended Share Share share debt option options acquisition Merger Retained
30 June 2014 capital premium reserve reserve reserve reserve reserve deficit Total
GBP GBP GBP GBP GBP GBP GBP GBP GBP
----------------- ---------- ------------- --------- ------------ ------------- ------------
At 1 January 2014 586,523 10,173,434 (11,146) 817,548 - - - (13,306,991) (1,740,632)
Loss for the period
from continuing
operations - - - - - - - (2,837,802) (2,837,802)
----------------------- ---------- ------------- --------- ------------ -------- ------------ ---------- ------------- ------------
Share capital issued
pre-acquisition 142,916 1,785,717 - (751,329) - - - 173,817 1,351,121
ESOP and remaining
convertible
loans conversion - - 11,146 (66,219) - - - 55,073 -
Reverse takeover
acquisition (729,439) (11,959,151) - - - 14,989,579 - - 2,300,989
Merger reserve 2,191,258 - - - - (9,000,000) 6,808,742 - -
AimShell Acquisitions
plc existing
and additional
placing shares 1,210,734 529,268 - - - - - - 1,740,002
Share-based payment - - - - 76,115 930,536 - - 1,006,651
At 30 June 2014 3,401,992 529,268 - - 76,115 6,920,115 6,808,742 (15,915,903) 1,820,329
----------------------- ---------- ------------- --------- ------------ -------- ------------ ---------- ------------- ------------
Consolidated Statement of
Changes in
Equity
For the year ended
31 December
2014
Treasury
and ESOP Convertible Share Reverse
For the year ended Share Share share debt option options acquisition Merger Retained
31 December 2014 capital premium reserve reserve reserve reserve reserve deficit Total
GBP GBP GBP GBP GBP GBP GBP GBP GBP
----------------- ---------- ------------- --------- ------------ ------------- ------------
At 1 January
2014 586,523 10,173,434 (11,146) 817,548 - - - (13,306,991) (1,740,632)
Loss for the year
from continuing
operations - - - - - - - (4,317,643) (4,317,643)
-------------------- ---------- ------------- --------- ------------ -------- ------------ ---------- ------------- ------------
Other comprehensive
expense
for the year - - - - - - - (3,838) (3,838)
Share capital
issued
pre-acquisition 142,916 1,785,717 - (751,329) - - - 173,817 1,351,121
ESOP and remaining
convertible
loans conversion - - 11,146 (66,219) - - - 55,073 -
Reverse takeover
acquisition (729,439) (11,959,151) - - - 14,989,579 - - 2,300,989
Merger reserve 2,191,258 - - - - (9,000,000) 6,808,742 - -
AimShell
Acquisitions plc
existing
and additional
placing shares 1,207,195 518,298 - - - - - - 1,725,493
Share-based
payment - - - - 298,419 930,536 - - 1,228,955
At31 December2014 3,398,453 518,298 - - 298,419 6,920,115 6,808,742 (17,399,582) 544,445
------------------ ---------- ------------- --------- ------------ -------- ------------ ---------- ------------- ------------
Notes to the Financial Statements
1 Basis of preparation
The unaudited interim financial statements have been prepared on
the basis of the accounting policies expected to apply for the
financial year to 31 December 2015 and in accordance with
recognition and measurement principles of International Financial
Reporting Standards (IFRSs) as endorsed by the European Union. The
accounting policies applied in the preparation of these interim
financial statements are consistent with those used in the
financial statements for the year ended 31 December 2014. These
financial statements are unaudited, have not been reviewed by the
Group's auditors, and do not constitute statutory accounts within
the meaning of the Companies Act 2006.
The interim financial statements do not include all of the
information required for full annual financial statements and do
not comply with all of the disclosures in IAS34 'Interim Financial
Reporting'. Accordingly while the interim financial statements have
been prepared in accordance with IFRS they cannot be construed as
being in full compliance with IFRS.
The financial information for the year ended 31 December 2014
does not constitute the full statutory accounts for that period.
The Annual Report and Accounts for 31 December 2014 have been filed
with the Registrar of Companies. The Independent Auditors' Report
on the Annual Report and Accounts for 2014 was unqualified and did
not include references to any matters which the auditors drew
attention to by way of emphasis without qualifying their report and
did not contain statements under Section 498(2) or 498(3) of the
Companies Act 2006.
2 Segmental analysis
The chief operating decision maker has been identified as the
Chief Executive Officer (CEO) of the group. The chief operating
decision maker is responsible for regularly assessing the
performance of the group's operating segments and performing the
function of allocating resources. To assist the chief operating
decision maker in this process, internally generated reporting is
prepared for each operating segment.
The group has two operating segments that it reports on. These
operating segments are:
-- Transaction Services Revenues: This segment generates revenue
from the processing of transactions on behalf of clients and is
Mi-Pay Group plc's core business.
-- Professional Services Revenues: This segment generates
revenue from the development, delivery and hosting of our platform
and client solutions.
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