29th Sep 2015 12:01
LONDON (Alliance News) - Payments company MoneySwap PLC on Tuesday posted a narrower pretax loss for the financial year to the end of March, as it slashed its operating costs to offset its revenue halving due to lower point-of-sale and e-commerce transaction volumes.
MoneySwap, which provides payments services in the UK and China, said its pretax loss for the year to March 31 was USD3.5 million, compared to a USD4.6 million loss a year earlier. Revenue dropped to USD162,602 from USD369,420, but the group cut administrative and operating costs by 21% to offset the fall in revenue and cut its loss.
MoneySwap didn't provide a reason Tuesday for the lower transaction volumes.
In the half, the company secured deals with FIS and SagePay and secured a deal under which London-listed Signet Jewelers Ltd, the owner of the Ernest Jones and H Samuel store chains, has allowed 550 of its UK outlets to use UnionPay card payments using MoneySwap's UnionPay service.
MoneySwap said it was confident in its outlook and said it looks well-positioned to drive revenue growth, given it has managed to get some traction with payment providers, merchants, remittance operators and banks.
Shares in MoneySwap were untraded on Tuesday, having last traded at 0.900 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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