News Column

PayPoint Reports First Quarter Net Revenue Rise

July 23, 2014

Samuel Agini

LONDON (Alliance News) - PayPoint PLC Wednesday reported an increase in first-quarter net revenue, driven by growth in its bill and general transactions, as well as in top-ups, retail services, and mobile and online.

In a statement ahead of its annual general meeting Wednesday, PayPoint reported GBP29.0 million in net revenue in the quarter ended June 30, up from GBP27.0 million in the corresponding period last year. PayPoint said that UK and Irish bill and general transactions were down 4% on last year due to lower gas consumption, though it reported continued profitable growth in Romania.

Parcel business Collect+ saw volumes increase by 43% to over 4.0 million transactions in the period, compared with 2.8 million last year, but costs have also increased. said the company.

Chief Executive Dominic Taylor said that overall trading in the quarter was in line with the company's expectations.

"Our retail businesses are continuing to generate satisfactory growth this year. Combining the mobile and online businesses under the unified group brand should unlock better growth opportunities for the group over time. We have increased development, marketing and IT spend in the first half, the benefits of which are expected in the second half of the year and therefore, profit growth will be lower than net revenue growth in the first half," Taylor said in a statement.

PayPoint shares were Wednesday quoted up 0.4% at 1,054.00 pence.

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Source: Alliance News

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