PayPoint Plc reports strong financial results for the year, implements share buyback program
From GlobeNewswire: 2024-06-13 02:00:00
PayPoint Plc reported results for the year ended March 31, 2024, showing significant progress towards £100 million EBITDA by end of FY26. The company announced a three-year share buyback program starting with a minimum of £20 million over the next 12 months. Financial highlights include increase in underlying EBITDA to £81.3 million and net revenue of £181.0 million.
Nick Wiles, Chief Executive, highlighted robust financial performance and progress towards growth targets. The company implemented a streamlined organizational structure to support future growth plans. A 3-year share buyback program of at least £20 million over the next 12 months aims to enhance shareholder returns. The company continues to increase dividends at a nominal rate and improve overall capital structure.
Operational highlights include progress in key growth areas such as parcels and network expansion, card processing, open banking, and digital payments. The company also saw growth in Love2shop and Park Christmas Savings, access to cash and local banking services for retailers, and community services. The company successfully completed the integration of Love2shop and streamlined its organizational structure to deliver efficiencies for future reinvestment.
In terms of divisional highlights, Shopping division net revenue increased by 3.9%, Service fee net revenue increased by 10.1%, and card payment net revenue increased by 2.8%. The E-commerce division saw a strong increase in net revenue by 61.6% with a record year for Collect+. The Payments & Banking division experienced a decrease in net revenue, but overall growth in the MultiPay platform.
Overall, PayPoint Plc has made significant progress in various business divisions and financial performance, aiming to enhance shareholder returns through a share buyback program and sustainable dividend policy. The company continues to focus on key growth areas and operational efficiency for future growth and success in the market.
Read more at GlobeNewswire:: Results for the year ended 31 March 2024