London-listed PayPoint, a provider of retail payments platform, has 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 Exchange filing detailed that the net revenue from the UK retail services declined by 1.4 percent to £10.6 million.
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 have seen declines, some have 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 that this sector has been least impacted by the pandemic.
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The overall decline in business in the latest quarter followed previously reported a fall in revenue and profits for the first half 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 million. The deal is expected to close in March, and the company has kept the financial figures separate from its overall business.
However, that 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 have continued to renew and win client business across multiple sectors and made progress with a number of our initiatives to enhance 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 integration planning of i-movo and Handepay/Merchant 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.”