16th Jun 2014 10:53
LONDON (Alliance News) - Proxama PLC said Monday it expects its revenues in the first half of 2014 to be modest, but expects a significant increase in revenues for the second half and a strong performance for 2015, in a statement ahead of its annual general meeting.
The mobile payments services company said it had made significant progress in 2014 to date, as it continued to develop its strategic partnerships and extend its technical capabilities.
The company had cash of GBP5.9 million at the end of May.
Proxama said its near-field-communications payment service CardGateway was attracting interest from banks, card issuers and payment processors. It is working with card schemes to get a product to market, and said it expects to have its first service running in the third quarter of 2014.
Last Thursday, Proxama said it had partnered with PrePay Solutions to provide contact-less payment services to its customer base.
Its mobile proximity marketing product TapPoint has been updated to support new Bluetooth low-energy devices such as Apple Corp's Apple iBeacon.
The company said that whilst the market for this product was still in "early stages", it has significant growth potential. Proxama recently won a campaign with videogame studio Ubisoft for the marketing of its new game 'Watch Dogs' in GAME retail stores.
Proxama expects to see more retailer initiatives for its TapPoint for Retail product to be launched at the end of June.
Additionally, the company has been selected for two "Connected High Street" projects, which are planned to provide tourist information, retail marketing offers, and local loyalty services for residents and visitors.
Shares in Proxama were trading down 2.6% at 4.75 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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