By PayPoint, a leading U.K. payments company, announced its positive financial performance for the first quarter of fiscal 2024. The company experienced further revenue growth and made significant strategic progress during this period. Although fiscal 2023 pretax profit declined due to exceptional costs, the company’s revenue showed an upward trend.
During the three months ending June 30, PayPoint witnessed a 20% increase in net revenue, reaching £35.8 million ($45.8 million). This surge in revenue can be attributed to the company’s enhanced platform and expanded capabilities. PayPoint remains confident in its ability to continue progressing throughout the upcoming year and meet the expectations of its stakeholders.
For the fiscal year ending March 31, pretax profit from continuing operations decreased from £48.5 million to £42.6 million. This decline was primarily influenced by one-off exceptional costs amounting to £5.6 million. These costs included acquisition expenses and losses incurred from the disposal of an investment. Nevertheless, PayPoint managed to achieve revenue growth, with total revenue reaching £167.7 million compared to £145.1 million in the previous year. These positive results were observed across all of PayPoint’s business divisions.
Looking forward, Chief Executive Nick Wiles expressed the company’s commitment to investing in growth areas across the group to enhance capabilities and unlock further opportunities for accelerated growth.
The board also proposed an increase in the final dividend payout, from 18.0 pence per share in the previous year to 18.6 pence per share.
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