SmartPay Holdings Limited announced unaudited group earnings results for the full year ended March 31, 2012. For the period, the company reported revenue of $28,946,000 against $47,339,000 a year ago. Loss before interest, tax, depreciation and amortization were $1,954,000 against earnings before interest, tax, depreciation and amortization of $7,155,000 a year ago. Loss before tax was $12,726,000 against $739,000 a year ago. Loss from continuing operations of owners was $12,095,000 against profit from continuing operations of owners of $107,000 a year ago. Loss per diluted share from continuing operations attributable to the equity holders of the company were 9.74 cents against profit per diluted share from continuing operations attributable to the equity holders of the company of 0.11 cents a year ago. Net cash outflow from operating activities were $7,916,000 against $11,760,000 a year ago. Purchase of property, plant & equipment was $62,000 against $19,000 a year ago. 2013 financial guidance: the company expects the business to generate revenue in the order of $17.5 million and EBITDA of $7.5 million on an annualized basis. The company announced the proposed appointment of Mr. Ivan Hammerschlag as its new Chairman. It is intended that Mr. Hammerschlag will join the Board following the Special General Meeting of shareholders due to be called shortly to approve the equity placement. Mr. Hammerschlag is currently the Executive Chairman of RCG Corporation. Ian Bailey has confirmed to the Board his resignation as a Director of the Company. Bradley Gerdis will join the board as managing director following the special general meeting of shareholders due to be called shortly to approve the equity placement. The company announced the recent appointment of Mr. Rod Severn to the position of Chief Operating Officer. Prior to joining SmartPay, Rod was Sales Director for Maxnet.