24th Jun 2016 06:45
LONDON (Alliance News) - Proxama PLC on Friday reported a wider pretax loss in 2015, although revenue rose, as it announced it will raise GBP2 million in a share placing.
The mobile payments company said its pretax loss widened to GBP6.1 million in 2015 from GBP5.9 million in 2014, despite revenue multiplying to GBP2.5 million from GBP650,978.
Profit was hindered by an increase in administrative expenses to GBP8.6 million from GBP5.8 million, but revenue was boosted by good progress within the digital payments division.
"2016 trading continues to improve with income year-on-year growth of more than 50% after 5 months," Chairman David Bailey said in a statement.
"We look forward to an exciting and dynamic 2016 and the opportunities ahead of us and the chance to reward our patient and supportive shareholders," he added.
Separately, Proxama said it will raise GBP2 million through the placing of 666.7 million shares at 0.3 pence each.
The placing is being conducted by way of an accelerated bookbuild on the company's behalf by Peel Hunt.
Proxama said the placing price represents a discount of approximately 59% to the closing price of 0.725 pence on Thursday, and certain directors of the company have indicated an intention to invest GBP260,000 as part of the placing.
The proceeds will be used for working capital purposes.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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