Payments Division

The payments division continues to improve especially in non-card payments, EURO IBAN account openings, which have increased a further 16% in the period 3 April 2020 to 17 June 2020, growth of GBP accounts was 20%, in the same period; again the Board will be able to present more meaningful data as growth patterns emerge in the coming months.

In card payment services, in the period from 3 April to 17 June we have deployed several upgrades to improve customer experience. Prepaid Card Products have seen an uplift of 10% on card orders and active customers have increased by 8%, further supported by a 35% growth in spend volume across active users.

The merchant services team have continued the merchant approval process with a broad range and list of suitable candidates having applied for services from a range of medium to high-risk industries.

We are continually monitoring performance and the impact of COVID-19, which to date has had some impact when arranging meetings with potential merchants however we expect client visits to return to normal as the restrictions on movement and social distancing are relaxed over the coming weeks.

Lottery Business

Overall, Prize Provision Services Ltd (“PPS”) has been largely unaffected by the COVID-19 pandemic. While there has been a small decrease in the number of entries into the lotteries which PPS administers, overall lotteries have been shown to be an extremely robust form of fundraising in comparison to other popular fundraising methods. 

The robust nature of lottery fundraising has led to numerous current and new clients contacting PPS to place greater focus on lottery fundraising and the company expects to see an overall increase in entries during the second half of 2020. 

The overall number of lines played during June 2020 is on a par with June 2019. 

Group

For the year to 31 January, the Group had revenues of £952k (unaudited).  This compared to £938k (audited) for the previous year.  For the 3 months to 30 April 2020, Group revenues were £329k (unaudited).  As of 31 May 2020, cash balances available to the Group (excluding client balances held by the Payments Divisions and segregated funds held by PPS) were £120k (unaudited).  Total Group cash balances on 31 May 2020 were £1.06m (unaudited).

Astro Kings, the joint venture 5-a-side football centre located in Nottingham, was temporarily closed on 20 March 2020 in line with Government requirements. The venue partially reopened on 1 June 2020 as restrictions were eased and the facility will reopen fully as and when the relaxation of social distancing restrictions allow and the management are confident that they can operate in a safe and responsible manner. The closure is not expected to have a material impact on the Group. 

Full report can be found here