ThinkSmart shares boosted as ClearPay goes live in the UK

Software firm ThinkSmart saw its shares soar on Friday after it revealed that ClearPay was now live and processing transactions across the UK.

ThinkSmart, which sold 90% of ClearPay Finance to ASX-listed outfit Afterpay Touch Group in August of 2018, said the disposal itself was "an important strategic milestone" for the company, following the migration of its listing from the Australian Stock Exchange to London in late in 2016.

The AIM-listed group maintains a 10% stale in APT and also provides an outsourced customer service centre to ClearPay to support the product in the UK.

ThinkSmart also said that current trading for its leasing business continued broadly in line with its interim performance, with business volumes down year-on-year, mainly as a result of its lower margin flexible leasing product.

The company assured investors it had adjusted its cost base to align to these volumes and was in the process of reviewing the ongoing strategy of the leasing arm of its business, which saw customer numbers fall 16% to 30,500.

In the leasing unit, which deals almost exclusively with Dixons Carphone, retail distribution contracts were due to end their minimum terms between January 2020 and November 2021.

At 0840 BST, ThinkSmart shares were up 19.13% at 6.85p.