Payments company flags drop

GOLD Coast-born payments company IncentiaPay says it expects to announce full-year revenue of about a third of what it made the previous year, when it booked a $62 million loss.

In an update to investors about a fortnight out from the formal release of its 2018-19 results, the company said it expected revenue of $36 to $38 million in its fullyear results, set for release in the coming fortnight.

However, the result is likely to be bolstered by the company’s gift card sales, which were not included in its guidance.

Incentiapay’s FY18 gross revenue was $110.1 million, including $34.7 million in gift card sales.

The results will be the first since the company, formerly named BPS Technology, sold its Bartercard trade exchange business for $5 million.

IncentiaPay, which slashed 20 staff and moved its headquarters from Southport to Sydney last March, also announced a new board member, Dean Palmer, who joined as a nominee director of Suzerain Holdings Limited, IncentiaPay’s largest shareholder and lender.

Mr Palmer is a chartered accountant with more than 20 years’ experience and is the founder and CEO of property investment company Skybound Fidelis Investment Limited a specialist structured finance, commercial credit and property fund manager.

Suzerain has agreed to lend $19 million to IncentiaPay, subject to a range of conditions including a restructure of the listed company.

The company has confirmed former chief operating and financial officer Darius Coventry, who has been acting CEO since December, would leave the company at the end of the month.

IncentiaPay has shed more than 87.7 per cent, or $55.3 million, of its market capitalisation in the past year.