St James House PLC Trading Statement (4691B)
30 Janvier 2020 - 2:00PM
UK Regulatory
TIDMSJH
RNS Number : 4691B
St James House PLC
30 January 2020
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
30 January 2020
ST. JAMES HOUSE PLC
("SJH", the "Group" or the "Company")
Trading Update
The Board of Directors of the Company (the "Board") is pleased
to provide the following trading statement and update on recent
developments.
Payments Division
The payments division continues to make progress in all areas,
but particularly in non-card payments. January 2020 saw the first
GBP account clients onboarded, meaning that the Company has
expanded its services to include Direct Debit, Faster Payments,
SWIFT and BACS payments alongside the existing EURO IBAN services
such as SEPA payments. USD facilities are available as an FX
service, we anticipate dedicated USD accounts being rolled out in
the next quarter. IBAN account openings increased 25% in January
and with the introduction of GBP accounts we anticipate no slowdown
in demand. Transaction volumes are also steadily increasing.
Technology based improvement in KYC (know your customer)
processes means we can now approve most individual applicants for
cards or accounts in under 15 minutes, the new online process is as
simple as taking a selfie with a smart device, the platform's in
built technology has sophisticated verification and fraud
protection capabilities enabling fast applications and
approval.
Fulfilment of prepaid card orders continues however the
Christmas break has slowed the activation of cards so the 13,000
ordered in November are now expected to be fully activated in the
coming eight to twelve weeks. The cards are supplied to a client as
a white label service, who had delayed the delivery of cards to
their customers for internal reasons; they have now restarted their
activities to distribute the cards to end users. The improvements
in verification and approval turn-around is a significant step in
minimising the time to activate cards. The number of delivered and
activated cards remains materially the same as at the announcement
of 6 December 2019. The target for 20,000 cards to be delivered and
activated has been extended to the end of the financial first
quarter (30 April 2020).
Further technology developments enabling connectivity between
accounts, cards and e-wallet balances are complete, giving clients
improved services plus FX capabilities between GBP other currencies
on demand.
Our merchant services remain in a test and evaluation phase
relating to the upgraded payment gateway and fraud prevention
software released in January. The merchant services team have
continued their successful merchant acquisition campaign with the
goal of producing a more industry diverse sales pipeline and remain
confident of a positive contribution to the group during the first
quarter of 2020.
Lottery Business
The number of Lottery lines played on a weekly basis continues
to grow and is approximately 39% higher in December 2019 than for
December 2018. This growth continues to ensure the Lottery Business
is on target to make a positive operating contribution to the Group
for the second half of the year to 31 January 2020.
Group
Working capital remains constrained, however the Board believes
the improving operating performance will alleviate the position
gradually. In addition, the Board is actively working on a solution
to improve the Group's position and anticipates providing a further
announcement shortly on this matter.
Chief Executive Graeme Paton commented, "We now have a fully
functioning suite of GBP and EURO accounts, connected to prepaid
cards, proper IBANs in EURO as well as corporate GBP accounts for
qualifying businesses. Integrated FX services are coming on stream
and USD accounts plus other currencies will shortly - all
accessible through one simple interface. Demand for our B2B
services is increasing including new wins for GBP accounts for a
European based financial services provider and two Payroll
management companies in January."
For further information, contact:
St. James House PLC
Roger Matthews
Website www.sjhplc.com 020 3 6555 000
Allenby Capital Limited
(Nomad, Financial Adviser & Broker)
John Depasquale / Nick Harriss 020 3328 5656
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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