New CFO appointed as mobile FinTech company closes losses
A leading provider of outsourced digital transformation and mobile payment solutions has posted its 2018 results.
Mi-Pay’s operating losses for the year through December were seen amounting to £0.2m, compared to losses of £0.6m year-on-year.
The publicly listed company, which has offices in Romania, the Philippines and London, said trading for the year was in-line with market expectations, with increased year-on-year revenues.
“The improved performance seen in the second half was a result of delivering a new revenue channel for payment fraud management through the leverage of our in-house technology, a continuing reduction of our operating cost base and strong growth across our existing clients,” said chairman Michael Dickerson.
“We expect to see this growth continue as the e-commerce and digital channels increasingly become our clients' core strategic focus for customer engagement and our new fraud management services continue to expand.”
During the second half of 2018, the company delivered a profit before interest, tax and depreciation.
The company has appointed Andrew Bowen as CFO on a part-time basis, in a non-Board role, to support the board and management team in its governance and development.
Bowen previously held finance director roles at a number of technology telecommunications businesses and is a principal with the FD Centre, a provider of part-time finance directors.