StockMarketWire.com - Payments company PayPoint said its first-quarter revenue slipped 6.6%, owing do a drop off in bill payments.

Revenue in the three months through June fell to £26.8m, down from £28.7m on-year.

The fall included £1.1m of revenue in the prior year from a British Gas contract now ended.

The company said it had delivered a recovery of its PayPoint network to pre-Covid levels, following temporary suspensions.

The majority of PayPoint One, cards and parcels sites had returned to the network.

UK retail services net revenue rose 10% to £10.8m, but UK bill payments net revenue dropped 28.2% to £8.2m.

PayPoint said the fall in bill payments revenue primarily was a result of consumers making larger payments, less frequently, during the Covid-19 lockdown, as well as warmer weather compared to prior year.

'We have delivered a solid first quarter performance during a very challenging period for the business and the economy as a whole,' chief executive Nick Wiles said.

'As we look ahead there is evidence of recovery in activity across a number of our services from the low point in April.'

'We are now working hard to build on these positive signs and identify additional opportunities across our business.'




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