29th May 2019 12:00
LONDON (Alliance News) - Lottery and e-commerce operator St James House PLC on Wednesday said revenue for the second half of its financial year ended in January is expected to be in line with the first.
Furthermore, the company said the first quarter of the new year saw the finalisation of the firm's restructuring and the completion of the transition of its payment card processing business.
"During the second half of the year to January 31, revenue was broadly in line with those experienced in the first half of the year," the company said. St James House expects to publish its annual results in July.
Furthermore, with regards to the completed move from the transacting of payments involving non-mainstream eCommerce merchants, the company said it will record a positive impact.
"The impact of new payment card processing business is expected to have a material positive effect on the group from the second quarter of the current financial year. Payment card processing had been the largest element of the group's activities, so the rebuilding of this business is the key focus for the remainder of the current financial year," St James House explained.
Meanwhile, the company's Payments division "continues to make progress after the difficulties of 2018", while the Lottery division saw an 8% increase in player proceeds.
"While the group has had a difficult last 12 months, we are seeing a clear improvement in the operating activities and I believe we are seeing the benefits of all the hard work that has gone into our turnaround," said Chief Executive Graeme Paton.
St James House shares were untraded at 27.50 pence each on Wednesday.
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