StockMarketWire.com - PayPoint has reported net revenue increased 3% to £57.3m on a reported basis and by 4% on an underlying basis in its half-year results to 30 September, while profit before tax of £24m was £1.3m below the prior year.

The net revenue figure for the six months to end of September excludes the £0.5m final year impact from the Yodel renegotiation.

It attributed underlying net revenue growth to strong performance in its UK service fee revenue, which was up by 31.8%, in Romania which increased by 6.2%, and a 'resilient performance' in UK bill payments and top-up businesses which were up by £0.2m or 0.7%.

Excluding the one-off VAT recovery benefit of £1.7m and £0.5m Yodel impact in the prior year, underlying profit before tax was up 4% to £0.9m.

PayPoint One was installed in 15,088 sites as at 30 September 2019, an increase of 2,207 since 31 March 2019 and represents 86% of PayPoint's independent retailer estate. The company said it will 'significantly exceed' its original target of 15,800 PayPoint One sites by 31 March 2020 and has a new target of 16,500 by 31 March 2020.

Executive chairman Nick Wiles said: 'I'm pleased with the progress PayPoint has made over the past six months as continued execution against our stated strategic priorities has seen the business deliver net revenue growth of 3% and underlying profit before tax growth of 4%.'

At 8:04am: [LON:PAY] PayPoint PLC share price was +4p at 987p



Story provided by StockMarketWire.com