Boxhill Technologies PLC Change of Name & Trading Update (3806Q)
14 Octobre 2013 - 8:00AM
UK Regulatory
TIDMBOX
RNS Number : 3806Q
Boxhill Technologies PLC
14 October 2013
Boxhill Technologies plc
("Boxhill" or the "Company")
Change of Name, Trading Update, and New Contracts Signed
14 October 2013
The Board of Directors of Boxhill (the "Board") (AIM:BOX), the
AIM quoted lottery, software, gaming and leisure company is pleased
to provide a trading update to shareholders.
Change of Name and Website
Following approval by shareholders at the general meeting held
on 10 October 2013, the Company's name was changed from The Weather
Lottery plc to Boxhill Technologies plc with effect from 11 October
2013. The Company's TIDM code has changed from "TWL" to "BOX" with
effect from today.
The Company's AIM Rule 26 website can now be found at
www.boxhillplc.com.
Trading Update
Boxhill is pleased to announce that their payments software
subsidiary Pay Corporation Limited ("Pay Corp") has signed a
contract with business software and services company Bright Office
Limited ("Bright Office"), to provide Bright Office's customers
with payment services. This is an important development for Pay
Corp as it further extends its payment gateway outside of the
gaming and lottery sectors. Bright Office supply customer
relationship management software across a broad range of customers
including solicitors, payment protection insurance ("PPI") claims
management firms, finance brokers and mortgage advisers. A
significant number of their clients require payment services as
they fall outside of the scope of traditional payment services
providers. Based on historic data, the Board estimates that a
typical PPI claims management firm will generate revenues for Pay
Corp of between GBP8,000 and GBP16,000 per month. Pay Corp
anticipates a minimum take up of its services by between 10 to 20
Bright Office customers during the financial year to 31 July 2014.
The deal includes an incentive plan in the shape of a revenue share
for Bright Office to encourage their customers to take up Pay
Corp's services which the Board believes will help the Company to
serve a significant proportion of Bright Office's customers across
the whole of its customer base.
Since the acquisition of Pay Corp on 13 September 2013, it has
also signed up two new international clients among its traditional
gaming client base. It is too early to give an assessment of the
likely revenues from these contracts, but the early indications are
encouraging further information will be provided at the Company's
next trading update..
There has been continued progress in revamping the lottery
business (the "Weather Lottery") over the last six months, with a
number of new customers added and existing customers developed.
This includes a refocused Lib Dems lottery which was launched at
the Liberal Democrats autumn conference in Glasgow in September,
which will be rolled out across England in the coming months, the
new player's website with the ability to play online and increased
resources to help societies promote their lotteries locally. The
Weather Lottery is also adding additional business development
staff to increase sales and support new and existing societies
raise money. In October the lottery passed through the GBP5million
threshold paid to good causes and has paid out millions in prizes
to players.
The Company anticipates giving a further trading update in
November to cover the first quarter of the financial year to 31
July 2014.
Regulatory Development
On 9 October 2013 HM Treasury made the following
announcement:
"Today, the government has announced the creation of a new,
utilities-style regulator charged with increasing competition in
the payments sector. The government is determined to empower
smaller firms to challenge the big banks to deliver real benefits
for each and every user of financial services."
The full announcement can be viewed at
https://www.gov.uk/government/news/government-to-overhaul-uk-payments-system.
The Board believes that the proposed liberalisation of the
payments sector will offer significant opportunities for innovative
providers like Pay Corp. Chairman Lord Tim Razzall commented,
"These reforms present a particular opportunity for our Pay
Corporation business which, alongside traditional payment
capabilities where we continue to see revenues grow, is developing
new technology based services that are well placed to take
advantage of these changes."
For further information contact:
Boxhill Technologies PLC 020 7618 9000
Philip Jackson, CEO
Website www.boxhillplc.com
Allenby Capital Limited (Nomad & Broker)
Nick Harriss/Nick Athanas/James Reeve 020 3328 5656
This information is provided by RNS
The company news service from the London Stock Exchange
END
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