21st Jun 2016 07:28
LONDON (Alliance News) - Boxhill Technologies PLC Tuesday said it saw first quarter sales in line with expectations, and reiterated its belief that it will see a "positive outcome" in relation to action taken against the company by Eupay Group.
The lottery administrator and payment processing company earlier this month said it had received winding up petitions purportedly issued under the Insolvency Act 1986 against both the company itself and its Prize Provision Services Ltd subsidiary.
At that time it said the petitions had been presented by Eupay Group Ltd, a company that former supplied payment services to Boxhill, and the board believed this to be an effort to avoid repaying balances due to Boxhill of GBP225,235.
It called the petitions "wholly without legal merit, procedurally and technically deficient and are liable to be struck-out as an abuse of legal process".
Tuesday Boxhill reiterated its position, and said it believes a positive outcome "will be forthcoming".
The company said it saw a gross profit of GBP427,000, on sales of GBP571,000 for the quarter to end-May. It did not provide comparative figures.
"The strong first quarter performance is encouraging and comes at a time when the company is completing significant improvements to our payment services. Along with the roll out of FreepayMaster, the payments division has agreed a partnership with Clickatell, the South African based industry leading SMS messaging service provider, which will allow customers to utilise certain features of the FreepayMaster payment platform via text messaging, particularly for access and payment authorisation," said Executive Chairman Edward Razzall in a statement.
Shares in Boxhill were flat at 0.160 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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