The PayPoint group is pleased to announce that it expects to achieve profit before tax for the financial year ended 31 March 2023 at the higher end of market expectations. Excluding exceptional items and Appreciate Group impacts since the acquisition, this is driven by the group’s strong momentum across the business.
Notably, the PayPoint group has materially enhanced its platform and capabilities during the past year. Its integrated payments platform has expanded with the addition of Open Banking and prepaid solutions. This has boosted the group’s offerings across card, direct debit, and cash solutions. Furthermore, PayPoint’s retailer and SME proposition has never been stronger, offering multiple opportunities for partners to generate revenue. The e-commerce side of the business has also been impressively successful, delivering record volumes and an unparalleled in-store experience for consumers.
The company stated in a recent release that “This enhanced platform will unlock future opportunities and deliver sustainable and profitable growth for shareholders, underpinned by our business-wide partnership philosophy and intensity of execution.”
The integration of Appreciate Group, now known as Love2shop, continues to progress well. PayPoint is confident that this will open up even more revenue opportunities. By expanding its capabilities further in the gifting, rewards, and prepaid savings markets, it will create enterprise-level solutions for new markets. Combining the extensive payments and commerce solutions across the group, this will enable the PayPoint group to achieve even greater success moving forward.
These opportunities have accelerated since completion, and trading has been positive early in the first quarter of FY24. PayPoint looks forward to updating the market further at its preliminary results for the year ended 31 March 2023, which will be available on 6 July.
