27th Sep 2013 09:02
LONDON (Alliance News) - Payment solutions firm MoneySwap PLC Thursday said losses widened for the full year, as it attempts to tap into the UK payments market.
The company licensed by Chinese payment processor China UnionPay for the UK reported pretax losses of USD6.1 million for the period ended 31 March, compared with losses of USD5.0 million a year earlier.
The company said it made a USD318,389 loss on foreign exchange.
Revenue decreased to USD129,000 from USD1.8 million a year ago, which MoneySwap attributed to a "USD1.75 million receivable generated in the previous financial year which was later fully provided against".
During the period, MoneySwap raised USD1.45 million via the issue of convertible loan notes. This was done in two tranches one dated December 2012 and another dated January 2013.
The firm also raised USD2.1 million in loans that were later amended so as to enable them to be convertible into shares of the company.
MoneySwap said it plans to expand the business and has appointed a UK sales team to roll-out payment processing services for UnionPay. Its focus will be on providing payment processing solutions to the UK market, enabling merchants to accept payments from UnionPay, MoneySwap said.
"The year under review not only saw us re-position MoneySwap as a full-service payments processing provider, but has also laid the foundations for the roll-out of our offering to the UK market in the year ahead," Chief Executive Richard Proska said in a statement.
"Our fully developed suite of UnionPay enabled payment solutions, along with the recent appointment of our UK sales team, places MoneySwap in a strong position to sign-up UK merchants to UnionPay functionality, and in the process, allow them to participate in the rapid growth in demand for goods and services from the Chinese consumer," he added.
MoneySwap shares were trading at 0.800 pence Friday morning, down 0.075 pence or 8.6%.
The board maintained its policy of not paying a dividend.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
Copyright 2013 Alliance News Limited. All Rights Reserved.
Related Shares:
SWAP.L