Boxhill Technologies' crashes amid payment processing decline

Boxhill Technologies’ shares plummeted on Thursday after the company announced a “substantial decline” in its payment processing revenues during May and June.

The lottery administration and payment processing products company said the decline was due to a requirement by a number of unnamed banks to change the nature of transactions they are willing to deal with following regulatory changes.

It is understood that the regulatory and payment processing issues are specifically concerned with transactions related to the gaming side of Boxhill Technologies' business.

In an effort to address the ongoing issues, both structurally and in terms of business mix, Boxhill said it is progressing a number of actions and will update shareholders further as soon as possible.

AIM-listed Boxhill sees payment processing as one of the three key focuses of its business along with gaming and lotteries, and this year launched a foreign exchange business called Market Access Limited.

The company, which offers services including digital wallet accounts, P2P transactions and access to foreign and crypto currency exchanges, will hold its annual general meeting on 31 July.

As of 1158 BST, Boxhill Technologies’ shares were down 42.42% at 0.05p.