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Mi-Pay Group Plc

Mi-Pay Group Plc Contract extension with its largest Client

Mi-Pay Group Plc (LON: MPAY), the leading provider of outsourced digital transformation and mobile payment solutions, today announced that it has agreed terms on a contract extension with its largest Client for an incremental two-year period. This amendment extends the contract term, which was previously due to expire on 30 June 2020, to 31 March 2022. All other material terms of the contract have remained the same. The Client represented approximately 31% of the Company’s annual revenue in 2018 (approximately £1.0m). This contract extension follows the successful integration with the Client’s new infrastructure in August 2018, securing Mi-Pay as their core digital payment partner. The Board of Mi-Pay expects to deliver continued growth within this Client as its customers naturally migrate to digital payment channels.

Michael Dickerson, Chairman of Mi-Pay Group plc commented: “Following the successful integration into our Client’s new infrastructure and the on-boarding of their recently acquired pre-pay customers we are delighted to be recognised as their long term, omni-channel digital solutions partner. This demonstrates our ability to drive recognised value into the digital propositions of European Mobile Network Operators over the longer term.”

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