The company has recently appointed Ian Bailey as managing director and has reduced its overheads by consolidation all staff into one building, reviewing its headcount, consolidating its multiple operating entities and implementing new accounting and reporting systems. The company shed 25 percent of its staff following restructuring. Ian Bailey is the former head of Cadmus Technology, recently acquired by SmartPay.
SmartPay increased its operating revenues by 20 percent to EUR 19.757 million for the year ended 31 March, 2008, from EUR 16.45 million in 2007. However, it also reported a growing loss of EUR 1.148 million for the year compared with EUR 0.718 million in 2007.
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