PayPoint says it ended the financial year with its “strongest ever sales performance”.
In an unaudited post-close trading update for the financial year ended 31 March 2023, PayPoint said group net revenue, excluding Appreciate Group, is expected to be around £125m – up from £115.1m a year earlier. The company reported accelerated revenue growth across all three business divisions.
In E-commerce, PayPoint reported “excellent” volumes supporting our carrier relationships through our technology platform, Collect+. The company said this has been driven by its strength in clothing/fashion categories and the growth in print-in-store transactions, enabled by the in-store experience investments made in Zebra label printers over the past two years.
PayPoint said that in each of its carrier relationships, it has “developed plans for the year ahead to grow volumes further” and to continue “enhancing the in-store customer experience”.
In Payments & Banking, the company’s net revenue growth has been driven by “continued strong progress” in digital transactions and a resilient energy sector performance, comprising cash and digital bill payments and £246m of Energy Bills Support Scheme vouchers redeemed across its network of more than 28,000 retailer partners.
The company has also expanded its client relationships with its enhanced integrated payments platform, including launching direct debit with POBL Housing, its new PayPoint OpenPay service with Ovo to support Alternative Fuel Payments, and rolling out its Confirmation of Payee service with the Department of Energy Security and Net Zero, leveraging its Banking capability.
In addition, the company said its Counter Cash proposition has been enabled in 5,680 sites, with 1,930 sites transacting regularly in the year.
PayPoint reported that it has lent £12.5m to its retailers and SME partners via its partnership with YouLend during the current economic challenges.
Nick Wiles, Chief Executive of PayPoint, said: “This has been another positive year for the PayPoint Group where net revenue growth has accelerated across all three of our business divisions.
“We were also delighted to complete the acquisition of Appreciate Group on 28 February 2023, opening up further revenue opportunities and expanding our capabilities in the gifting, rewards and prepaid savings markets.”
