PayPoint reports mixed first quarter
PayPoint says that it is making good progress in “embedding its offering at the heart of convenience retail”, with PayPoint One now in 9,260 sites, of which 292 are taking the company’s EPoS Pro solution. It remains on target to have PayPoint One in 12,400 sites by 31st March 2019.
Meanwhile, the Collect+ network was in 7,456 sites on 30th June with parcel volumes down by 17.1%, the result of issues with PayPoint’s current partner, Yodel. eBay has, however, been added as a second partner to the network and is expected to go live before Christmas.
It made these announcements as it revealed that Group net revenue for the three months ended 30th June reduced from £28.4 million to £27.7 million, reflecting the closure of Simple Payment Service (SPS) by the Department for Works and Pensions, the second year impact of reduced Yodel parcel fees and the implementation of IFRS 15.
“In the UK, we have implemented several improvements to enhance our retailers’ experience when working with us, including a new interactive voice response technology. In Romania, growth continued to benefit from the Payzone acquisition and solid growth in the underlying business. The progress over the past three months underpins the Board’s confidence in our strategy and our full year outlook remains in line with previous guidance,” says Dominic Taylor, PayPoint’s Chief Executive.
He adds that a technical incident on Saturday 21st July impacted, at peak, approximately one-third of the company's retail terminal estate. "During this period, customers were able to undertake services at alternative local sites during the day as we were able to continue to provide coverage across our network to 98% of households. We fully restored services during the course of the day and are confident that it was a one-off, isolated incident and we are sorry for any inconvenience that the outage caused to our retailers and their customers during the affected time.”
