29th Nov 2018 10:07
LONDON (Alliance News) - PayPoint PLC on Thursday reported an increase in interim profit which backed its confidence in further growth for the year.
PayPoint shares were trading up 6.4% at 846.00 pence each.
For the six months to September 30, the company's pretax profit rose 4.0% to GBP25.3 million from GBP24.4 million a year ago. This included the benefit of GBP1.7 million recovered from Value Added Tax related to previous years.
Revenue was up 8.7% year-on-year to GBP106.1 million from GBP97.6 million, while net revenue dipped 1.6% to GBP55.6 million from GBP56.5 million.
On an operational level, the company said that PayPoint One, its payment card machine app, is installed in 10,242 sites as at September 30. It said it remains on track to achieve 12,400 PayPoint One sites by the end of March.
For the half-year, the company is proposing a total dividend of 27.8 pence per share, 1.1% higher than last year's total payout of 27.5p.
This is composed of an ordinary interim dividend of 15.6p, up 2.0% year-on-year from 15.3p, and an additional interim dividend of 12.2p, flat on last year.
"The good performance of the first half underpins the board's confidence that as PayPoint's growth drivers continue to develop there will be progression in profit before tax for the full financial year to March 2019," Chief Executive Officer Dominic Taylor said.
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