Paypoint profit up 13% to €27.2m

MOBILE top-up firm Paypoint reported a 13% increase in full-year profit driven by strong growth in transaction values.

The British-based cash and internet payment firm, which recently added more terminals in Ireland and Britain, said net income was £23.8m (€27.2m), or 35.3 pence per share, in the 52 weeks ended March 29, compared with £21m, or 30.8 pence per share, in the 53 weeks ended March 30, 2008.

Revenue increased 5.8% to £224.4m in the period.

“For the current financial year trading since the period end is in line with the company’s expectations,” PayPoint said.

Its Irish and British network expanded by 11% to 21,990 terminal sites.

The company said the mobile sectors in Ireland, Britain and Romania have seen a reduction in transaction volumes as consumers reduce their spending and networks offer consumers more airtime for their money.

Its British mobile transaction volumes are down 4%.

In Ireland, the promotion of internet top-ups has exacerbated the volume reduction through market decline, the company said.

Paypoint said its trading for the current financial year since the period ended 29 March is in line with its expectations.

PayPoint gained 7 pence or 1.5% to 462 pence in London.