PayPoint has reported a positive 12 months, with recent acquisitions bedding in for the group.
In its trading update for the financial year ended 31 March 2023, PayPoint recorded a group net revenue of £125m, up from £115m in the previous year.
Highlights for PayPoint included growth within its retailer estate which it attributed to an “enhanced retailer partner proposition” including the continued rollout of Counter Cash, now enabled in 5,680 sites and with 1,930 sites transacting regularly.
It reported a strong performance in business finance via YouLend with over £12.5 million lent and its strongest ever sales performance and a largely full-strength sales team across Handepay and PayPoint.
PayPoint said its E-commerce wing delivered excellent volumes supporting carrier relationships through its technology platform, Collect+.
In its payments & banking division, net revenue growth was driven by a continued strong progress in cash and digital bill payments and £246 million of Energy Bills Support Scheme vouchers redeemed across its network.
It also reported that trading at Love2shop, formerly known as Appreciate Group, has been in line with expectations since the completion of its acquisition on 28 February 2023.
Commenting on the results, PayPoint chief executive Nick Wiles said: “We are entering the new financial year in a materially enhanced position across the Group: a full-strength sales team delivering high conversion rates; healthy pipelines for our FMCG and integrated payments propositions; a business-wide partnership philosophy yielding further revenue opportunities; and a dynamic platform of innovative technology and solutions enabling integrated payments and commerce for our extensive base of clients, retailer partners and SMEs.
“We will continue to invest in growth areas across the Group in the coming year, particularly in card processing, Open Banking, digital payments and the Appreciate Group, to enhance our capabilities, unlock opportunities and accelerate our growth.”
No comments yet