PayPoint has announced a rise in net revenue for the three months to 31 December 2018, having rolled out its PayPoint One service to more than 12,000 convenience retailers across the UK.

During the period, a total of 1,455 new PayPoint One sties were installed across the UK, taking the total to 11,697, with Epos Pro live in over 520 convenience stores.

PayPoint’s year-end target of 12,400 sites by 31 March 2019 has also been raised to 12,700 sites.

Net revenue in retail services of £9.7m was up 3.9% on a reported basis, with an underlying growth of £0.4m, while service fee revenue has grown by 31.3% to £2.6m. Group net revenue of £30.9m increased 1.4%, with an underlying grown of £0.4m.

PayPoint chief executive, Dominic Taylor, said: “PayPoint has reported another solid quarter with good progress being made across all our key growth drivers. We continue to rollout PayPoint One, now operating in over 12,000convenience retailers and we have increased our year-end target to 12,700 sites.

“Our parcels business had a successful first Christmas with our new partner, eBay, and we are pleased to have a third partner contracted to the Collect+ network. Bill payments in the UK and Romania delivered a resilient performance with 11 new clients contracted and we saw strong growth in our MultiPay platform of 43.6% with 8.0 million transactions in the quarter.

“We continue to innovate to improve our retail proposition with respect to service and products in order to drive value to local shopkeepers. Our solid underlying net revenue growth and continued strong cost management in the quarter means that the Board’s full year expectations remain in line with the outlook provided in November.”

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