UMT has shown substantial progress in hitting key milestones since our initiation on the stock in May of this year. The launch of white-label mobile payments for Germany’s largest loyalty scheme, Payback, commenced smoothly in June and six major German retail groups are now using UMT’s system to provide mobile payments services to their Payback customers. The recent publication of key consolidated earnings data for H116 shows 34% EPS uplift from the unconsolidated figures for the same period, while management’s plans to publish consolidated financial statements for FY16 and IFRS standards for FY17 should improve reporting transparency and boost investor confidence.

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