Trading Update and AGM
PayPoint Plc
Trading Update and AGM
7 September
2023
Positive progress across
the Group with strong
momentum and operational delivery across
all divisions
PayPoint Plc today issues a trading update for the current
financial year.
The Company’s Annual General Meeting will be held today at 12pm
at its Head Office in Welwyn Garden City.
TRADING UPDATE
The Group has continued the positive momentum outlined in the Q1
FY24 trading update issued on 28 July 2023 and has made further
progress in the execution of its strategic objectives across all
four business divisions, giving the Board confidence in delivering
further progress in the year and meeting expectations.
In Shopping, we have continued to drive a strong sales
performance, with further site growth in our PayPoint One retailer
partner estate and in our Handepay EVO card processing estate. This
has been supported by the continued strengthening of our SME and
retailer proposition: further FMCG campaigns have been delivered
for JTI, Coca-Cola, Amazon and Philip Morris through our consumer
engagement platform, PayPoint Engage, with a healthy pipeline of
brands signed up, and a number of new proposition initiatives are
now underway, including the rollout of physical Love2shop gift
cards into circa 2,600 multiple retailers stores ahead of Christmas
2023, followed by the second phase of the rollout into our
independent retailer estate in 2024.
In E-commerce, we continue to deliver excellent volume growth
supporting our carrier relationships through our technology
platform, Collect+. This included recently surpassing the 2 million
weekly parcel transaction in August, driven by the strength of our
‘out of home’ network, positive early growth in our recently
launched ‘Store to Store’ service and the continued strong volumes
seen through our partnership with Yodel and Vinted. In each of our
carrier relationships, we are well underway with plans for peak
season to continue to deliver an exemplary in-store consumer
experience and further volume growth through our retailer
partners.
In Payments & Banking, we have two further Neo Bank clients
going live in September, providing deposits and withdrawals for
their customers through our extensive retail network, and we
continue to drive new business opportunities across the housing,
local authority and charity sectors for our channel agnostic,
integrated payments platform, MultiPay, with POBL Housing and
Network Homes now fully live. We continue to be at the forefront of
providing Open Banking services to a diverse and growing range of
new and existing clients and sectors, with our Confirmation of
Payee service going live with UNIPaaS, Lexis Nexis and Cardstream.
Furthermore, our Account Information Service (AIS), providing
customer support tools, is now live with Ovo and Citizens
Advice.
In Love2shop, there has been a strong early uptake of our
PayPoint Park Super Agent proposition, with over 500 retailers
already signed up ready to recruit savers for the Christmas 2024
season. In addition to this, there are a number of initiatives in
progress to open up further channels for Park Christmas Savings,
with further details to be shared at our interim results in
November. In Love2shop, our corporate sales team has been
reorganised and strengthened to give an increased focus on driving
new business sales, deepening relationships with existing clients
and working more closely with the PayPoint new business team. These
efforts will be supported further by the acceleration of key IT
initiatives within the business in the coming months, including the
delivery of additional APIs for corporate clients to ensure
seamless onboarding and ongoing servicing. The Love2shop Essentials
product, targeted at local and central government, has now been
added to key government procurement frameworks that PayPoint
already have a presence on, and we have seen positive progress on
early wins with 4 additional local authorities signed up and a
building pipeline of further opportunities. The integration of the
business continues to progress well and the Group’s Northern Hub
has now been established in Liverpool.
ALAN DALE RETIREMENT
As previously announced, Alan Dale will be retiring as Finance
Director and Executive Director this year. He will step down from
the Board at the Annual General Meeting today, continuing as an
employee until 31 December 2023 to ensure a thorough transition and
handover. The Board would like to reiterate their thanks for his
excellent contribution to the Company during the last six years and
in particular for the role he has played as Finance Director in the
delivery of the strategic transformation currently underway as well
as supporting the business through Covid-19.
The Board were delighted to welcome Rob Harding who joined the
Company as our new Chief Financial Officer on 1 August 2023. Rob
will replace Alan following his retirement and will be appointed to
the Board following the AGM.
INTERIM RESULTS FY24
PayPoint Plc confirms that it will report its interim results
for FY24 on Thursday 23 November 2023.
Enquiries |
|
|
|
PayPoint
plc |
FGS
Global |
Nick Wiles, Chief
Executive (Mobile: 07442 968960) |
Rollo Head |
Rob Harding,
Chief Financial Officer (Mobile: 07525 707970) |
James
Thompson |
|
(Telephone: 0207
251 3801) |
|
(Email:
PayPoint-LON@fgsglobal.com) |
ABOUT PAYPOINT GROUP
For tens of thousands of businesses and millions of consumers,
we deliver innovative technology and services that make life a
little easier.
The PayPoint Group serves a diverse range of organisations, from
SME and convenience retailer partners, to local authorities,
government, multinational service providers and e-commerce brands.
Our products are split across four core business divisions:
- In Shopping, we enhance retailer propositions and customer
experiences through EPoS services via PayPoint One, card payment
technology, Counter Cash, ATMs and home delivery technology
partnerships in over 60,000 SME and retailer partner locations
across multiple sectors. Our retail network of over 28,000
convenience stores is larger than all the banks, supermarkets and
Post Offices put together
- In E-commerce, we deliver best-in-class customer journeys
through Collect+, a tech-based delivery solution that allows
parcels to be picked up, dropped off and sent at thousands of local
stores
- In Payments and Banking, we give our clients and their
customers choice in how to make and receive payments quickly and
conveniently. This includes our channel-agnostic digital payments
platform, MultiPay, offering solutions to clients across cash, card
payments, direct debit and Open Banking. PayPoint also supports its
eMoney clients with purchase and redemption of eMoney across its
retail network.
- In Love2shop, we provide gifting, employee engagement, consumer
incentive and prepaid savings solutions to thousands of consumers
and businesses. Love2shop is the UK’s number one multi-retailer
gifting provider, offering consumers the choice to spend at more
than 140 high-street and online retail partners. Park Christmas
Savings is the UK’s biggest Christmas savings club, helping over
350,000 families manage the cost of Christmas, by offering a huge
range of gift cards and vouchers from some of the biggest high
street names.
Together, these solutions enable the PayPoint Group to create
long-term value for all stakeholders, including
customers,communities and the world we live in.
- Trading update and AGM - 070923 - Final
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