Mi-Pay Group PLC Contract Extension and Notice of Results (6662Q)

TIDMMPAY

RNS Number : 6662Q

Mi-Pay Group PLC

21 February 2019

21 February 2019

Mi-Pay Group plc

("Mi-Pay", the "Group" or the "Company")

Contract Extension and Notice of Results

Mi-Pay (AIM: MPAY), the leading provider of outsourced digital transformation and mobile payment solutions, is pleased to announce an extension to a client contract and notify the date of its annual results announcement for the year ended 31 December 2018.

Contract Extension

Mi-Pay is pleased to announce that it has today agreed a contract extension with a long-term existing client (the "Client") for an incremental five-year period, effective from 1 January 2019. This client represented approximately 12% of annual revenue in 2018 (approximately GBP0.4m), a growth of 33% over 2017. The contract extension is on broadly similar terms to the previous contract with the Client. The Board of Mi-Pay expects to deliver continued growth within this Client account as its customers naturally migrate to digital payment channels and as the Client targets wider European growth.

The Client is the first Mi-Pay customer to successfully adopt Apple Pay as an alternative payment method. Mi-Pay will additionally deliver wider European alternative payment methods of Sofort, Giropay and iDeal to support the Clients' European growth aspirations. These payment solutions are expected to enhance Mi-Pay's appeal across the European market.

Michael Dickerson, Chairman of Mi-Pay Group plc commented: "We are delighted to have secured the extended terms with our valued client and look forward to working with them to drive wider European growth. The additional ability to demonstrate alternative payments is increasingly important for our long term growth as we look to broaden our service offerings."

Notice of results

The Company's full year results for the year ended 31 December 2018 will be announced on Wednesday 24 April 2019.

Management will be hosting a presentation for analysts on the day of results. For more information contact [e-mail].

For further information please contact:

 
 Mi-Pay Group plc        Allenby Capital Limited  IFC Advisory 
 Tel: [phone]        Tel [phone]     Tel: [phone] 
  2129 
 Michael Dickerson,      James Reeve              Graham Herring 
  Chairman John Beale,    Asha Chotai              Tim Metcalfe 
  CEO                                              Heather Armstrong 
 

About Mi-Pay Group

Founded in 2003, Mi-Pay Group plc delivers fully outsourced online and related payment and fraud management solutions to digital ecommerce clients, primarily in the mobile and digital content 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), additionally managing and indemnifying the data security and payment fraud risks. 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.

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February 21, 2019 02:00 ET (07:00 GMT)