PayPoint half year profit up

Source: PayPoint

PayPoint interim results for the 27 weeks ended 30 September 2007.

Highlights:
  • Transactions were up 33% at 236 million with strong growth in all sectors.
  • Operating margin[1],[2] increased to 41% from 40%.
  • PayPoint UK and Irish terminal outlets have increased to over 19,000, up 16% on September 2006 and up 8% on March 2007.
  • Acquired Pay Store SRL, a mobile top-up provider in Romania.
  • Completion of the integration of Metacharge and SECPay is on track for financial year end.


David Newlands, Chairman of PayPoint, said "Good growth in the first half has been complemented by the BBC TV Licence contract, which became exclusive from 1 August 2006, and an extra week of trading. Our UK terminal estate has expanded ahead of plan and we have strengthened our contractual relationships with multiple retailers. Product innovation and implementation, improved terms from credit and debit acquirers and winning back a major reseller for housing and
local authority clients have laid the foundations for continuing growth. We have made good progress in driving the major change programmes in our newly acquired internet and Romanian businesses, which will set them on the path to growth next year. We are confident in the group's continuing progress."

The financial statements cover the 27 week period from the 26 March 2007 to 30 September 2007, the last Sunday in the month (2006: 26 weeks).

[1] Operating margin is operating profit as a percentage of net revenue.
[2] Net revenue and operating margin are measures which the directors believe assist with a better understanding of the underlying performance of the group. The reconciliation of net revenue to statutory amounts can be found in note 2

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