PayPoint Group has reported a “positive” quarter, with revenue growth across all three divisions.
The company’s e-commerce divisional increased net revenue by 50.9% to £2.3m and transactions grew by 84.4% to 16.9 million through Collect+. The company said in 11 out of the 13 weeks in the quarter its reached well over 1 million parcel transactions and a record week of 1.5 million parcel transactions delivered during peak trading.
PayPoint’s Payments & Banking divisional net revenue also increased by 10.6% to £14.7m in the quarter, driven by a continued strong performance in digital transactions and a resilient energy sector performance, comprising cash bill payments and top-ups and £113m of Energy Bills Support Scheme vouchers redeemed across its network of over 28,000 retailers. In addition, its Cash Out service and the DWP Payment Exception Service, delivered via i-movo, continue to perform strongly, with more than 4.9 million vouchers issued in the quarter.
In addition, the company’s UK retail services net revenue increased by 9.2% to £7.7m, with the continued benefit of RPI service fee increases made earlier in the year and new sales of PayPoint One.
Nick Wiles, Chief Executive of PayPoint plc, said: “We remain confident in delivering further progress in the current year, whilst our continued focus remains on the delivery of our strategic priorities, a strong operational performance, and maintaining a tight control of our cost base.”
