Trading update for the three months ended 30 June 2023

PayPoint Plc
Trading update for the three months ended 30 June 2023¹

28 July 2023

A positive quarter across the PayPoint Group with further revenue growth and strategic progress delivered

Nick Wiles, Chief Executive of PayPoint Plc, said:

“This has been another positive quarter for the PayPoint Group where we have delivered further net revenue growth across the Group and continued the strong performance seen in FY23. Our enhanced platform and expanded capabilities across the Group, combined with our business-wide partnership philosophy and intensity of execution, give the Board confidence in delivering further progress in the year and meeting expectations.

In Shopping, our enhanced retailer proposition has continued to drive further value and opportunities to earn for our retailer partners, with more FMCG campaigns delivered, the further rollout of Counter Cash and our Net Promoter Score moving from negative to positive. Our sales momentum across the Group has also continued to grow in the quarter across both Handepay and PayPoint, with strong site growth in our EVO card processing estate driven by further proposition enhancements, including EPoS and loyalty, and supported by positive results from our increased focus on customer retention.

In E-commerce, the positive momentum built in FY23 has continued, with strong volumes delivered over the quarter and detailed plans in place with all our carrier partners to drive further growth. We have seen excellent volumes in Vinted parcels, which is being supported by the expansion of Zebra printers into more stores and the launch of our new Store to Store service in partnership with Yodel.

In Payments and Banking, our integrated digital payments platform, MultiPay, continues to deliver positive revenue and transaction growth, with two major new clients in Housing launched in the quarter. Our Open Banking solutions continue to attract strong demand, delivered in partnership with OBConnect, with 13 clients signed for Confirmation of Payee services, Ovo becoming our first client live for Payment Information Services (PISP) and both Ovo and Citizens Advice signed up for Account Information Services (AIS).

In Love2shop, there has been growing momentum over the quarter in Love2shop Business, with a strong pipeline of new clients and a positive performance and retention of existing clients delivered. Park Christmas Savings is on track for a return to growth this year, supported by an enhanced proposition, increased agent engagement and reinforcing the important role this service can play in helping consumers budget during the current economic challenges. We were also delighted to launch our partnership with The Fed (Federation of Independent Retailers) to create a network of 1,500 Super Agents over the coming months for the Christmas 2024 savings season.