Boxhill Technologies PLC Trading Statement (2073H)
15 Août 2016 - 3:00PM
UK Regulatory
TIDMBOX
RNS Number : 2073H
Boxhill Technologies PLC
15 August 2016
15 August 2016
BOXHILL TECHNOLOGIES PLC
("Boxhill", the "Group" or the "Company")
Company Half Year Update
Company Update
The board of directors of Boxhill (the "Board") is pleased to
report first half sales are in line with its expectations,
increasing by 13% to GBP1.125 million (1 Feb 15 to 31 July 15
GBP0.993 million) delivering a gross profit of GBP828,000 (1 Feb 15
to 31 July 15 GBP780,411) and an operating profit of GBP301,600 (1
Feb 2015 to 31 July 2015 GBP323,000). These figures are unaudited
and extracted from the management accounts. The Board expects to
announce the full accounts for the 6 months to 31 July 2016 in
September.
Lord Razzall, executive chairman stated, "The first half
performance is encouraging and comes at a time when the company is
only just starting to realise the benefits of the acquisition of
Emexpay and Freepaymaster. As we continue to invest in staff and
technology we have seen an increase in overhead to GBP527,000 (1
Feb 2015 to 31 July 15 GBP457,000), however the Board has managed
to minimise the impact on the operating profit, and the business is
operationally geared to expand sales on the current level of
overhead.
Emexpay has bought about cost savings and an ability to review
and renegotiate terms with our acquiring banking network, thus
improving gross margins and opening up new opportunities in the
credit card processing business."
Working with our New York based partners CFP International,
Freepaymaster is now part of the SWIFT network and will soon be
able to issue virtual individual IBAN (international bank account
numbers) to existing and new customers - ensuring that sending and
receiving payments is as smooth as possible. Freepaymaster is also
piloting a number of innovative applications including enhanced
services for existing Emexpay credit card merchants, in particular
with speeding up settlement cycles; encouraging users to engage in
peer to peer payments thus creating an alternative payment channel
within our own financial ecosystem, in most cases avoiding credit
card processing charges altogether. We are continuing to develop
the platform with mobile devices as the key focus area and adding
technologies which support users who want secure payment services
available on their mobile devices.
In the lottery division, Prize Provision Services has acquired
new clients while continuing to update the underlying technology
supporting the Weather Lottery. The bulk of the back office
technology updates have now been completed allowing the company to
begin rolling out improvements across the business. In Q4 2016 the
company will introduce direct bank payment to replace traditional
cheque payments and is due to deliver client administration
upgrades in addition to a new customer facing website.
Further updates will be made by the Company as appropriate.
For further information, contact:
Boxhill Technologies PLC 020 7493 9644
Tim Razzall, Executive Chairman
Website www.boxhillplc.com
Allenby Capital Limited (Nomad & Broker)
John Depasquale/Nick Harriss/ Richard Short 020 3328 5656
This information is provided by RNS
The company news service from the London Stock Exchange
END
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