St James House PLC Trading Update (5566Q)

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RNS Number : 5566Q

St James House PLC

26 February 2021

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.

26 February 2021

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

The period 27 January 2021 to 25 February has seen further growth in the payments division, with GBP:USD FX pair transactions growing an additional 27% in volume compared to the period 23 December 2020 to 27 January 2021. The Company saw a significant improvement in transaction values in both Euro and GBP, up 219% and 143% respectively, due to the continuing rate of account openings.

The migration of existing customers using Prepaid Cards is complete, as is the final stage of the previously mentioned development of revamped prepaid services now ready for launch.

The Merchant Services team has continued developing an active pipeline of clients going through approval which will see clients going live in the coming weeks, and has signed two agreements with international payment service providers who will also supply leads for the Merchant Services business in the UK and overseas.

Lottery Services

Prize Provision Services continues to provide uninterrupted services to hundreds of societies across Great Britain, with lottery entries remaining steady.

The Government's recent announcement regarding the lifting of COVID-19 restrictions is a positive development for PPS as clients bring staff off furlough and face-to-face interactions begin to increase.

Legal Services

St Frances House Ltd has a current workload of 258 cases in progress, has completed or reached the settlement stage in a further 66 claims in the last four weeks and added 40 new cases in the same period. The Company continues to add to new cases at the same rate as and when cases run off, and is intending to increase and diversify the case type in the spring.

Group

The Company and its auditors have concluded the work required for the submission and publication of its audited annual report and accounts for the year to 31 January 2020 (the "Annual Report") with the Financial Reporting Council. We now hope to finalise the Annual Report next week and file with Companies House. 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, "As we make the final preparations to the Annual Report we can look forward to a year of growth from the solid foundations we have established in all operating companies in the Group. We continue to work with our professional advisors and expect trading in our shares to be restored shortly."

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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February 26, 2021 09:15 ET (14:15 GMT)