PayPoint revenue lifted by new payments platform
London-listed retail payments technology firm PayPoint reported a 3.6% rise in revenue thanks mainly to a new retail platform called PayPoint One
In its latest trading statement for the three months to the end of June PayPoint, said group revenue rose £1 million or 3.6% to £28.7m.
The company said the growth was driven by the continued strong performance of the PayPoint One rollout.
“We remain on track to reach our year-end target of 15,800 PayPoint One sites with 13,633 sites at 30 June 2019, an increase of 752 since the start of the financial year”, the firm said in its trading update.
“PayPoint has delivered a good financial and operating performance during the quarter, with group revenue increasing 3.6% to £28.7 million”, said Patrick Headon, PayPoint’s CEO.
“PayPoint One is now operating in over 13,9202 convenience retailers and we remain on track to meet our year-end target of 15,800 sites.
“Our parcels business is benefitting from our new partners, which were secured last year, with parcel volumes now having returned to growth.
“Bill payments in the UK and Romania delivered a robust performance with 12 new clients contracted and we saw continued strong growth in our MultiPay platform and eMoney services where transactions grew 38.5% and 16.3% respectively.
“We continue to believe these initiatives are key to driving future growth and profits. Consequently, the Board remains confident that there will be a progression in profit before tax and exceptional items for the year ending 31 March 2020.”
PayPoint's shares were trading 2% higher at £9.22 in London earlier.