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Mi-Pay Group Plc

Mi-Pay Group Plc Contract extension with client who represented 12% of revenue in 2018

Mi-Pay Group Plc (LON: MPAY), the leading provider of outsourced digital transformation and mobile payment solutions, today announced 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 £0.4m), 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.

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.