It’s been a positive second quarter for payment provider PayPoint, according to its report on the business spanning the three months to the end of June 2024.
The update comes on the back of its previously announced investments in Yodel and tech platform obconnect, which sit alongside an expanded partnership with Incomm and Love2shop, which the provider is terming as “building blocks” for its future targets.
Group net revenue increased by 9.5% to £39.2 million (Q1 FY24: £35.8 million), and both retail services and card payments net revenues showed solid growth as well. Good progress is also reported on PayPoint Engage, the company’s consumer engagement platform for FMCG brands. This includes an Abraxas Marketing award-winning campaign for Spar during the Euro 2024 campaign, and an award at the Independent Agency Awards for its 2023 campaign for Pringles, produced with Zeal Creative.
Chief executive Nick Wiles said: “This has been a busy and productive quarter for the group in which we’ve delivered further net revenue growth and established a strong platform for continued progress in the current financial year. Consumer behaviour across a number of our businesses has improved over the quarter, though we continue to monitor energy and cash bill payment activity as we head towards the second half of the year. Our expectation remains that the consumer outlook will improve during the course of the year.”
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