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Midpoint narrows loss and grows margins

For the three months to September 30, the total number of transactions remained approximately the same after Brexit
Midpoint narrows loss and grows margins
The loss for the three months narrowed to C$178,146, compared to a loss of C$327,776 in the same period last year

Foreign exchange payments specialist Midpoint Holdings Ltd  (CVE:MPT) narrowed the loss in the latest quarter, adding that margins had improved.

For the three months to September 30, the group said the  total number of transactions remained approximately the same after Brexit, while gross margin improved to 68%, against 24% in the same period last year.

Outlining  the strategy ahead, the group said it aimed to continue to build sales across multiple markets and jurisdictions and improving the platform for customers.

It is seeking to tap into five distinct market areas for growth - orgainic,  referrals; a company-branded white-label solution; a pure white-label solution; and licensing.

In addition, it continues to work on its application program interface (API) development - one of the strategies that will enable it to deliver a white labelled multi-party netting FX exchange solution to large corporations as well as to direct access referrals.

Midpoint has already completed an API integration with XERO cloud accounting services, which currently has over 600,000 installs worldwide and is growing rapidly.

The loss for the three months narrowed to C$178,146, compared to a loss of C$327,776 in the same period last year, on revenue which were up to C$75,191 (2015: C$57,068).

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