TIDMSJH
RNS Number : 7692G
St James House PLC
27 November 2020
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
27 November 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.
Trading Update
Payment Services
Following on from the launch of the multicurrency account
services there has been a modest increase in account opening of
7.5% during the last month, despite the new lockdown
conditions.
In the period from 24 October 2020 the Company has seen
significant improvement in FX and account handle with growth in FX
transactions of 237% (mostly driven by GBP to USD swaps). Following
on from the 304% growth in October EUR account handle has increased
117% compared to last month and GB account handle which grew by
487% in October has more than doubled, growing 138% in the last
four weeks.
The dedicated onboarding teams have been instrumental in helping
new and existing customers to get the most out of the new
multicurrency account functionality.
The Company has decided to hold back on large scale advertising
until the end of the current lockdown but continues working on
several very targeted campaigns to roll out in the near future.
Prepaid Card Products have enjoyed a 20% increase in managed
services (cards issued for third parties) with new programs to
launch in the New Year, plus an 18% increase in active cards
underlined by a 7% growth in average card spend.
With the new acquiring gateway now operational, the Merchant
Services Group has started prospecting for new clients focusing on
opportunities provided via partners and referral agents in order to
expand its reach in order to improve success rates in the current
challenging climate.
Lottery Services
Prize Provision Services Limited ("PPS") is pleased to see
continued stability in the number of weekly entries into the
lotteries it administers. Over the past month, a number of large
societies have begun to increase in promotional activity which is
pleasing to see and despite the COVID-19 pandemic, PPS expect to
see out the year with roughly the same number of lines being played
per week as at the end of 2019.
PPS has also recruited a new salesperson who will be based in
the Group's Liverpool office to give a local presence in the North
West. Primarily focussed on the hard-hit grass-roots sports sector,
the salesperson will also target societies across the whole of the
region while being supported from PPS's Midlands base.
Legal Services
The legal services business, St Frances House Ltd continues to
establish itself and has seen an increase in current active cases
of 52, giving a total of 182 cases live as of 24 November 2020 with
a gross work in progress ("WIP") value of GBP470,000. This
represents an increase in the value of the WIP of GBP170,000 in the
last four weeks. Cases continue to be added at a rate of 10-15 per
week and cases are beginning to settle and revenue realised. The
company anticipates that it will give a detailed update at the end
of St Frances' first full quarter as cases settle and the timescale
of claim to settlement becomes clearer, as court timetables are
currently proving to be longer than anticipated due to the recent
additional COVID-19 restrictions.
Group
The Company and its auditors continue to work on the preparation
of its audited annual report and accounts for the year to 31
January 2020 (the "Annual Report"), however it has not proved
possible to complete everything during November as had been hoped,
and this is now expected to be completed in December. The Company's
unaudited half-year financial results for the six months to 31 July
2020 will also not be published until the Annual Report is
published. As a result, the Company's ordinary shares of 1 pence
each will continue to be suspended from trading on AIM until these
financial results are published.
Graeme Paton, Chief Executive, commented, "Despite the obvious
challenges that the Covid Crisis is serving to all types of
businesses we have been able to grow the account and FX business as
clients find it difficult to open bank accounts or are seeking
alternatives as redundancy to traditional providers. PPS has
maintained the number of lines played during these remarkable times
where perhaps people's priorities may change, and of course the
Legal Services business is growing at a manageable and sustainable
pace and it will bring attractive regular, reliable revenue moving
forward. The Board continues to work closely with the Audit team to
ensure that we can finalise the annual results and we will update
as and when these are ready."
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
Updated Disclosures of PDMR, PCA and Significant
Shareholders
Shareholder Number of Ordinary Percentage of Shareholding
Shares Held
Empire Global Management Ltd 500,000 11.88%
Phil Jackson (1) 415,650 9.88%
John Botros (2) 300,000 7.13%
Christian Russell 300,000 7.13%
James Rose (3) 298,921 7.10%
Oyster Trust SARL as trustee 252,736 6.01%
J M Malone (4) 206,236 4.90%
Lord Tim Razzall 142,965 3.40%
Roger Matthews (*) 41,667 0.99%
Graeme Paton (*) 41,667 0.99%
Arno Rudolf (*) 16,667 0.40%
1. Includes Ordinary Shares held by Moorhen Limited, a company
controlled by Mr Jackson and 33,333 Ordinary Shares, Post Changes,
to be held by Tilly Beazley, Mr Jackson's wife.
2. Includes 100,000 Ordinary Shares held by MDC Nominees
Limited, a company controlled by Mr Botros. Mr Botros is a
subsidiary director of the Group.
3. Includes Ordinary Shares held by Management Express Limited,
a company controlled by Mr Rose. Mr Rose is a subsidiary director
of the Group.
4. J M Malone is Mr Botros' wife. Includes 160,000 Ordinary
Shares held by Bluedale Corporate Limited, a company controlled by
Ms Malone.
* Director of the Company.
The First Hartford trust is no longer regarded as a Related
Party under the AIM Rules for Companies or a Person Closely
Associated under the Market Abuse Regulation, as due to an error, J
M Malone was indicated as a beneficiary, however she is not nor
ever has been a beneficiary of this trust.
Disclosure of transaction by a Person Closely Associated with
Philip Jackson in relation to convertible loan stock issued by the
Company:
http://www.rns-pdf.londonstockexchange.com/rns/7692G_1-2020-11-27.pdf
http://www.rns-pdf.londonstockexchange.com/rns/7692G_2-2020-11-27.pdf
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