22nd Jul 2015 06:51
LONDON (Alliance News) - PayPoint PLC on Wednesday said it is making satisfactory progress in selling its parking and online payment processing companies, as the UK payment service provider reported that overall trading in the first quarter of its financial year was in line with its expectations.
Paypoint, which has been looking to dispose of its parking and online payment processing companies since reviewing its mobile and online business, wants to focus on multi-channel payments and services where it has retail networks.
The company says its retail network in the UK comprises more than 27,800 local shops, including Asda, Co-op, Sainsbury's Local, Spar, and Tesco Express, at which it processes a range of payments, such as energy meter pre-payments, bills, and mobile phone top-ups. Its retail network in Romania includes more than 9,200 terminals in local shops, the company says.
The company said it processed 201.6 million transactions in the three months ended June 30, compared with 189.3 million in the corresponding period the prior year.
Net revenue, which is meant to give a better understanding of the group's underlying performance, amounted to GBP29 million in the quarter, up 1% on that reported in the prior year period, PayPoint said, adding that growth in retail services was partially offset by a decline in mobile and online, mobile top-ups and bill and general.
Overall revenue was down 2% on the prior year period, at GBP51 million.
"We have had an encouraging start to the year and remain excited about the growth opportunities presented by our retail businesses. The proposed sale of our parking and online payment processing companies is progressing satisfactorily and we will update shareholders further in due course," Chief Executive Dominic Taylor said in a statement.
By Samuel Agini; [email protected]; @samuelagini
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