29th Sep 2014 10:59
LONDON (Alliance News) - MoneySwap PLC Monday said its full-year pretax loss narrowed after the payments company reported a near trebling in revenue and the non-repeat of a USD1.8 million impairment loss on trade receivables.
In a statement, MoneySwap, which provides payment gateways and technology to merchants allowing both online and point of sale transactions to be settled using UnionPay cards in the UK, said it made a USD4.6 million pretax loss in the year ended March 31, compared with a USD6.1 million pretax loss the year prior.
MoneySwap, which is also licensed by UnionPay for its MoneyExpress service which enables people overseas to send funds directly to UnionPay cardholders in China, said revenue increased to USD369,000 from USD129,000. Administrative and operating expenses increased to USD4.8 million from USD4.4 million.
MoneySwap also offers prepaid card services and an online peer to peer platform for currency exchange and payments.
MoneySwap shares were Monday quoted up 1.8% at 0.433 pence.
By Samuel Agini; [email protected]; @samuelagini
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