Q&A with Michael Dickerson CEO & John Beale CFO at Mi-Pay Group PLC (LON:MPAY)

Mi-Pay Group PLC (LON:MPAY) Chief Executive Officer Michael Dickerson and Chief Financial Officer John Beale caught up with DirectorsTalk for an exclusive interview to discuss their preliminary results

 

Q1: First off, congratulations on your preliminary results, can you talk us through the highlights?

A1: One of the things that we can point out is that we are pleased to announce that we have seen a 29% increase in our client funds managed by Mi-Pay and a growth in our transaction rates of 3% and we’ve also been able to continue and expand our relationship with a major UK operator and have done two contract extensions with two of our largest clients in the same period.

 

Q2: Can you talk us through the market that you’re operating in and your relationships with the MNO’s and MVNO’s?

A2: Sure, so Mi-Pay provides a fully outsourced payment services platform where we, unlike many other players in the market, indemnify our clients once we’ve approved the transaction. We work with mobile operators and virtual mobile operators here in the UK and the wider Europe, Middle East and Asia, we deal with brands such as o2, Vodafone and Three in the European arena and in Asia we are dealing with operators like StarHub.

 

Q3: Can you talk us through the financial highlights for the year?

A3: Yes so we’re very pleased with the 2015 performance, we saw an increase in revenues off the back off our growth in transaction volumes so we delivered the £3 million revenue in line with our targets. Most importantly we were pleased with the increase in our growth profits where we delivered 11% increase in profits on transactions, the majority of that driven from the insourcing of our fraud processing platform which we now run ourselves and that delivered a 6% increase in profitability of the business. We also, following our investment in 2014, delivered a £1.2 million reduction in our administration expenses which has, combined, resulted in a £1.7 million reduction in operating losses which puts us on a good track to achieve the profitability in 2016. We’re seeing month on month continual improvement and over 75% of our customers all grew their revenues during the year so we’re very confident about the outlook.

 

Q4: Do you think that 2016 is going to be a good year for Mi-Pay Group?

A4: I think it’s going to be a very good year for us, I think we’re well on track for the target that we set out to implement back in 2015. We expect to see cash flow profitability during the course of this year and all the metrics that we have identified and we are working towards indicate that that should be the case.

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