PayPoint, a United Kingdom-listed retail payments platform, has published its half-yearly financial res ts, ending on September 30, showing a downturn across all major metrics, including revenue and profits.
The company’s revenue from its continuing operations for the period came in at £60.7 million, a year-on-year decrease of 12.1 percent. The net revenue stood at £46.4 million, down from the previous year’s £50.3 million.
Earlier this year, PayPoint agreed to sell its Romanian operations to Innovarealisml for around £47 million. The approval for the deal is now pending with the reg ators.
The company filed its financial disclosures separately for its continuing business and discontinuing business, which is its Romanian operations.
In Romania, on the other hand, the revenue turned positive with £7.6 million, a yearly increase of 4.5 percent.
pretaxal pre-tax profits of the payments company also tumbled to £20.6 million, out of which £16.8 million came from continued operations in the UK and Ireland, and the rest from its discontinued operations. For the same period last year, the company reppretaxotal pre-tax profits of £24 million.
PayPoint justified the decreasing revenue and profits, citing the end of its contract with British Gas, which co d have added a couple of million to the business.
Making UK the Key Market
Commenting on the res ts, PayPoint Chief, Nick Wiles said: “Our first half has been a partic arly busy and challenging period for the business, against which we have delivered a solid performance.”
Meanwhile, the payments company is now aiming to focus on its operations in the UK with its exit from Romania.
“We have made a number of important steps to underpin our growth strategy in the UK, with tHandedsitions of Handepay Ltd/Merchant Rentals Limited (moveayments) and i-movvouching(digital vouchering), significantly expanding our capability to seize the significant opportunities in our core market, ” Wiles added. “The sale of our Romanian business to Innovarealisml enables us to realise value and focus on the UK business.”