PayPoint Plc has reported a strong revenue growth across the group for the half year ended 30 September 2023.
The business’s net revenue was £79.8m, an increase of £20.3m. The net revenue from PayPoint segment of £62.3m (H1 FY23: £59.5 million) witnessed a growth of £2.8m, representing a 4.7% increase.
It reported that shopping divisional net revenue increased by 4.2% to £32.1m (H1 FY23: £30.8 million), driven by the growth of PayPoint One estate, service fee revenue and further enhancements to our retailer and SME propositions.
The group’s e-commerce divisional net revenue increased strongly by 71.8% to £5.1m and transactions grew by 83.1% to £42.1m through its e-commerce technology platform, Collect+. PayPoint said this is further evidence of the growing importance of our out-of-home Pick Up and Drop Off network, reflecting changes in consumer habits and accelerating channel shift away from delivery to home.
Nick Wiles chief executive of PayPoint Plc commented on the results: “It is testimony to the transformation of the business that we continue to deliver overall Group net revenue growth in a period where energy sector net revenue has decreased by almost 20% and against the background of uncertain consumer behaviour and weakening confidence due to the cost of living challenges.”
Wiles said the group was focused on creating new opportunities for retail partners. “Our partnership philosophy across the Group, combined with an intensity and focus on execution, is continuing to unlock new markets and revenue opportunities for us, including successfully launching our Park Super Agent network with The Fed to over 1,500 retailer partners; Love2shop physical gift cards now live in over 2,600 major multiple retailers; an expanded partnership with Yodel and Vinted leveraging our Collect+ Store to Store service; our success in Open Banking working with Ovo and the Department for Energy Security and Net Zero; our first significant win in the charity sector with East Anglian Air Ambulance; and the continued momentum in our PayPoint Engage proposition, helping major brands to connect with consumers in the convenience sector.”
PayPoint recently agreed a new multi-year partnership with Yodel and Vinted.
No comments yet