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Net revenue from PayPoint segment of £62.3m increased by £2.8 million (4.7%).
Underlying profit before tax, however, (profit before tax excluding adjusting items) was £21.8m, decreasing by £1.8m, reflecting continued investment in the business for growth, increased financing costs, the expected H1 loss from the Love2shop business, and depreciation and amortisation from the core PayPoint business.
Nick Wiles, chief executive of PayPoint Plc, said: “This has been a positive half year for the PayPoint Group with a period of significant activity supporting a number of key initiatives across the business: the acceleration of our sales efforts delivering growth in each of our product estates; a strong new business pipeline for our integrated payments platform; and driving new opportunities which leverage our enhanced capabilities, including the first initiatives live following the acquisition of Love2shop.
“It is testimony to the transformation of the business that we continue to deliver overall group net revenue growth in a period where energy sector net revenue has decreased by almost 20% and against the background of uncertain consumer behaviour and weakening confidence due to the cost of living challenges.
“Our partnership philosophy across the group, combined with an intensity and focus on execution, is continuing to unlock new markets and revenue opportunities for us.”
Among other measures, Wiles noted the successful launch of PayPoint’s Park Super Agent network with The Fed to over 1,500 retailer partners; an expanded partnership with Yodel and Vinted leveraging our Collect+ Store to Store service and the continued momentum in its PayPoint Engage proposition, helping major brands to connect with consumers in the convenience sector.
“Encouragingly, our trading momentum in the business has remained strong into the second half of the year,” he said.
“We continue to identify new opportunities to innovate and leverage our platform and the unique strengths of our extensive client base, accelerate the onboarding of new client business, while delivering a strong performance in our important seasonal businesses in parcels, Park Christmas Savings, Love2shop and energy.
“Our continued focus on execution underpins our confidence in delivering a strong second half, further progress for the year and the group trading in line with expectations.”
