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Parcel collection service pays off for PayPoint as earnings get a lift

May 30, 2014

NOOR ZAINAB HUSSAIN



PAYPOINT, a provider of bill payment services, said yesterday its full-year pre-tax profit rose 11.5 per cent, driven by an increase in retail networks revenue in the UK, Ireland and Romania.


PayPoint, which provides payments and value added services to utility, transport and retail companies, said pre-tax profit rose to 46m for the year ended 31 March, from 41.3m a year earlier.


Revenue increased 1.7 per cent to 212.2m. Its Romanian bill payment transactions rose 53.5 per cent to 39.1m.


The company also said its joint venture with Collect+ - which offers shoppers the option to pick up their parcel deliveries at PayPoint stores across the UK - is now profitable, with parcel transactions rising 76.4 per cent to 13.6m as the network of stores grew to 5,600.


Chairman David Newlands, who will retire in July after 16 years leading the firm, said PayPoint would continue to invest in new technologies to keep pace with the rapidly changing payments market. Shares in the company climbed slightly to close 0.5 per cent higher at 1,055p.


Reuters PayPoint PLC p 1,055.00 29 May 1,080 1,070 1,060 1,050 1,040 1,030 28 May 29May 22May 23May 27 May


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Source: City A.M. (UK)


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