Digital payments outfit ThinkSmart Limited (LON:TSL) said its leasing business continues to trade broadly in line with the level of performance reported in March.
Business volumes in the second half of its fiscal year are down year on year, mainly as a result of the lower margin flexible leasing product.
ThinkSmart said it has adjusted its cost base to align to these volumes and is currently reviewing the ongoing strategy of the leasing arm of its business, which is heavily dependent on Dixons Carphone Plc (LON:DC.).
READ ThinkSmart shares soar as it sells 90% of ClearPay to Australian firm AfterPay
The company said that Afterpay Touch Group is now operating in the UK under the ClearPay name; ThinkSmart maintains 10% carriage of Afterpay in the UK through its retained holding in ClearPay and also provides an outsourced customer service centre to ClearPay to support the product in the UK.
A proportion of the 10% retained shareholding (up to 3.5% of the total share capital of ClearPay) will be made available to employees of ClearPay under an employee share ownership plan, ThinkSmart said.
The company signed off its stock market statement with a pointed reference to its share price compared to its underlying net asset value.
“At 30 April 2019, the company's consolidated net assets (unaudited) stood at circa £17mln representing circa 16 pence per share versus its current share price of 5.75 pence per share (at 5 June 2019),” the company said.
The market took the hint – a bit – with the shares rising 4.4% to 6p in early trading.