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Group net revenue from continuing operations increased by 9.8% in the quarter to £32.5m (Q3 FY22: £29.6m).
Highlights:
PayPoint Group – Net revenue from continuing operations increased by 9.8% in the quarter to £32.5 million (Q3 FY22: £29.6m)
Shopping – Divisional net revenue increased by 4.8% to £15.4 million (Q3 FY22: £14.7m), driven by the continued growth of our PayPoint One estate, the annual RPI increase and further enhancements to our retailer and SME propositions, including our best ever proposition in our Handepay and PayPoint cards businesses and the continued rollout of Counter Cash.
Nick Wiles, chief executive of PayPoint Plc, said: “This has been another positive quarter for the PayPoint Group where net revenue growth has accelerated across all three of our business divisions, consistent with a more H2 weighted performance.
“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.
“In Shopping, we continue to enhance our retailer partner proposition, with the further rollout of a number of key initiatives including Counter Cash, a growing contribution from FMCG campaigns, and a strong performance in Business Finance via YouLend, supporting our retailer and SME partners during the current economic challenges.
“Our sales momentum across the Group has also continued to build in the quarter across both Handepay and PayPoint, supported by our most competitive and attractive proposition ever and allied with a more detailed focus on customer service and retention, leveraging our AI and data analytics capabilities.
“The PayPoint network of over 28,000 retailer partners has proved critical to the delivery of government Cost of Living support schemes, with over £113m redeemed through the Energy Bills Support Scheme over the quarter.
“Similarly, our Open Banking solutions, including Confirmation of Payee, delivered in partnership with OBConnect, have also continued to attract strong interest, with our first major government client now contracted.
“Whilst the market background remains uncertain, our compelling characteristics of strong cash flow, resilient earnings and growth mean we remain confident of the progress we are making in the transformation of our business and delivering expectations for the year.”
