Mi-Pay Group secures 5-year contract extension with long-term customer

Mi-Pay Group on Thursday secured an extension to a contract with a long-term existing client for an incremental five-year period.

The outsourced digital transformation and mobile payment solutions provider said the extension is on "broadly similar" terms to the previous contract and that the customer in question represented approximately 12% of annual revenues in 2018, or roughly £0.4m.

The client is also Mi-Pay's first to have adopted Apple Pay as an alternative payment method and the AIM traded company will additionally deliver wider European alternative payment methods of Sofort, Giropay and iDeal.

Michael Dickerson, chairman of Mi-Pay, said: "We are delighted to have secured the extended terms with our valued client and look forward to working with them to drive wider European growth. The additional ability to demonstrate alternative payments is increasingly important for our long term growth as we look to broaden our service offerings."

Alongside news of the contract extension, Mi-Pay also revealed that it will release its full year results for the year ended 31 December on Wednesday 24 April.

Mi-Pay Group's shares were down 3.25% at 9.68p at 1619 GMT.