Integrated Payment Technologies (ASX:IP1) shrinks losses in FY2020

• Payment software developer Integrated Payment Technologies (IP1) has revealed improving losses in its full-year financial report
• The company posted an annual loss after tax of $3.67 million for 2020, a 71.8 per cent improvement on the previous year
• The company has also successfully cleared a $750,000 shareholder loan and is currently debt free
• However, the company claims that COVID-19 restrictions are continuing to impact sales of its PayVu system
• Integrated Payment Technologies (IP1) closed 23.26 per cent in the green for 5.3 cents per share

Payment software developer Integrated Payment Technologies (IP1) has revealed improving losses in its full-year financial report.  

The company, also known as InPayTech, posted an annual net loss of $3.67 million for 2020, a 71.8 per cent improvement on the previous year.

To further bolster its cash position, the company performed a series of capital raises during the year. One recent share offer, completed in June, issued 77 million shares for a total of $1.15 million in proceeds.

The company also completed a further share offer just after the end of the financial year, issuing 125 million shares for proceeds of $1.88 million.

Meanwhile, the company has successfully cleared a $750,000 shareholder loan and is currently debt free.  

Turning to the pandemic, the company claims that COVID-19 restrictions are continuing to impact sales of its PayVu system.

Executive Chairman Don Sharp said that he was pleased with the results the company had posted for the year, despite the impact of the coronavirus pandemic.

“The impact of the coronavirus pandemic up to 30 June 2020 has been neutral for the InPayTech group except for the significant and progressive lowering of interest rates over the financial year which has resulted in a materially adverse impact on ClickSuper float income and marketing of PayVu,” he said

“The company is planning to party meet this loss of income by increasing ClickSuper transaction fee come, commencing next quarter. This will be the first time fees have been increased since the business commenced,” he added.

Integrated Payment Technologies (IP1) closed 23.26 per cent in the green for 5.3 cents per share.