St James House PLC Trading Update (3798N)
29 Januar 2021 - 12:00PM
UK Regulatory
TIDMSJH
RNS Number : 3798N
St James House PLC
29 January 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT)
REGULATIONS 2019/310.
29 January 2021
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.
Trading Update
Payment Services
The period 23 December 2020 to 27 January 2021 has seen a steady
performance in the payments division, with GBP:USD FX pair
transactions growing a further 7% in volume, while there was a
continued slowdown in EUR deposits of around 13%, both compared
with the equivalent prior period. Overall, the number of active
multicurrency accounts grew by 8% in the period, and the Company
expects the take up rate to increase significantly now that an
enhanced sales and marketing effort is underway.
Prepaid Cards have been stable in this period following the
planned migration to a new service provider as part of the
development of revamped prepaid services due for launch in the
spring; existing cardholders will be transferred seamlessly in the
next four weeks.
The merchant services team have continued to develop an active
pipeline of clients going through approval which will see clients
going live in the coming weeks.
Overall, the Payment Services business has continued to prove to
have some resilience to the impact of Covid-19 containment measures
to date, and similarly, post-Brexit it is not anticipating any
material impact on the business.
Lottery Services
The number of entries into lotteries which Prize Provision
Services Limited ("PPS") administers remains steady, despite the
ongoing lockdown.
The recently commenced sales operation based in the Group's
Liverpool office has begun to acquire new lottery clients from the
local area. Around 10 new lotteries will begin to acquire players
in February and the number of new lotteries managed from Liverpool
is expected to increase each month.
While the current Covid-19 restrictions are a hindrance to PPS,
it is continuing to operate in line with expectations.
Legal Services
St Frances House Ltd ("St Frances") continues to build its
client base and has brought in 56 new cases, with settlements on 24
cases since the 23 December 2020, giving a total of 292 cases live
as of 27 January 2021 with an approximate gross work in progress
value of GBP1.4m. The St Frances continues to add new cases at
around the same rate, with a view to increase and diversify the
case type in the spring. As cases begin to settle and revenue is
realised the Company will give a detailed update on the
contribution to revenue in the coming weeks as settlement patterns
emerge.
Group
The Company and its auditors continue to work on the preparation
of its audited annual report and accounts for the year to 31
January 2020 (the "Annual Report"), however it has not proved
possible to complete everything as had been hoped, and this is now
expected to be completed in mid-February . The Company's unaudited
half-year financial results for the six months to 31 July 2020 will
also not be published until the Annual Report is published. As a
result, the Company's ordinary shares of 1 pence each will continue
to be suspended from trading on AIM until these financial results
are published.
Graeme Paton, Chief Executive, commented, "We are looking
forward to building upon the progress made during the last quarter
by increasing business development and sales activity in all
divisions. While the impact of Brexit and Covid-19 cannot be fully
predicted, we believe the measures we have taken will avoid any
significant negative impact. We anticipate that the benefits of
these sales and marketing efforts will begin to be felt during the
first half of the new financial year."
For further information, contact:
St. James House PLC
Roger Matthews
Website www.sjhplc.com 020 3655 5000
Allenby Capital Limited
(Nomad, Financial Adviser & Broker)
John Depasquale / Nick Harriss 020 3328 5656
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END
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