Mi-Pay Group reports strong first-half driven by positive payment rates and low fraud levels

22nd Jul 2015 10:54

(ShareCast News) - Mobile payment solutions group Mi-Pay said its first-half of the year was encouraging with trading in line with expectations.Revenues rose 10% to £1.5m for the six months ended 30 June 2015 and, excluding the impact of a client lost in 2013, revenues jumped 35%.Furthermore, the company has managed to growth its underlying transaction value and volumes by maintaining positive payment rates and low fraud levels.Mi-Pay also reduced its operating costs by £0.7m during the period.Chairman Seamus Keating said : "The board is pleased with the progress made during the past six months."We remain confident that we will be able to achieve positive cash flow in 2016 and we look forward to maintaining our strong first half performance throughout the remainder of the year."Shares rose 1.82% to 28p on Wednesday at 10:49.