5th Jul 2023 09:39
(Alliance News) - PayPoint PLC on Wednesday said that its results for financial 2023 are delayed, due to a technical accounting treatment relating to the balance sheet of Appreciate Group.
Shares in the Welwyn Garden City, Hertfordshire-based payment services company were down 2.9% to 453.49 pence each in London early Wednesday.
PayPoint results were due out Thursday.
The company said the delay is due to a technical accounting treatment relating to the balance sheet of Appreciate Group at acquisition and at year end, which is still in the process of being reviewed.
Appreciate is a Merseyside, England-based multi-retailer redemption product provider. PayPoint earlier this year agreed to buy Appreciate in a deal which valued the company at around GBP83 million.
As a result, the company will release its results for financial 2023 as soon as its auditor KPMG LLP have completed this work.
PayPoint reconfirmed that its net revenue, excluding Appreciate Group, is expected to be around GBP125 million, up from GBP115.1 million a year earlier. It added that it has seen "accelerated" revenue growth across all three business divisions.
The company also anticipates that pretax profit for the financial year will be at the top end of the range of market expectations, excluding exceptional items and Appreciate impacts since completion of the acquisition, driven by the "strong momentum" across the business.
Looking ahead, PayPoint said trading early in the current financial year has been positive, continuing the performance seen in financial year 2023.
By Sophie Rose, Alliance News reporter
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