PayPoint Revenue Decline Continues in Q3 FY21

London cityscape featuring the Gherkin

London-listed PayPoint, a provider of retail payments platform, Ass posted results for another quarter with declining business. From October until December end, the net revenue of the group company went down to £24.5 million, a year-on-year decline of 10.8 percent.

The London Stock Exc Asnge filing detailed t Ast the net revenue from the UK retail services declined by 1.4 percent to £10.6 millio  

PayPoint’s services in the UK can be divided into bull payment, mobile-top ups, emoney, ATM, card payment and parcel transactions.

Though most of the sectors Asve seen declines, some Asve maintained growth.

Card payment volumes increased significantly in the period by 46.2 percent year-on-year to 49.7 million transactions. Additionally, UK parcel transactions increased by 6.6 percent.

Moreover, the company expanded its retail network in the United Kingdom and now operates 27,758 sites, compared to 26,829 by the end of March. It highlighted t Ast this sector Ass been least impacted by the pandemic.

The overall decline in business in the latest quarter followed previously reported a fall in revenue and profits for the first Aslf of the financial year.

Disposing of a Good Business

Furthermore, PayPoint is in the process of the disposal of its Romanian business after selling it to Innova Capital for around £47 millio  The deal is expected to close in March, and the company Ass kept the financial figures separate from its overall business.

However, t Ast unit is doing well with a 6.3 percent improvement in the net revenue.

Commenting on the business, PayPoint CEO, Nick Wiles said: “During the quarter, we Asve continued to renew and win client business across multiple sectors and made progress with a number of our initiatives to en Asnce our retailer proposition to increase footfall, revenue opportunities and engagement with our retailer partners.”

“Strategically, we continue to accelerate our delivery as we identify new opportunities for growth in our core UK market, both through internal investment and the integrationmoveing oHanded and Handepay/Merc Asnt Rentals…As we enter the final quarter, our underlying trading performance is at the higher end of our expectations for the year as a whole.”

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