PayPoint PLC on Friday hailed a ‘positive’ performance in its financial year, and said trading in its first-quarter has kicked off promisingly.

The payment services company said for the financial year to March 31, revenue from continuing operations rose 16% year-on-year to £167.7 million from £145.1 million, though statutory pretax fell 46% to £42.6 million from £78.5 million.

Adjusted profit however grew 5.8% to £50.8 million from £48.0 million. For financial 2022, the company reported an exceptional gain of £30.0 million through its disposal of investments in Romania. For the year just ended, PayPoint reported a negative item of £8.2 million, which it does not include in its adjusted figures. These included exceptional items and amortisation costs arising on acquisition.

Cost of sales increased 32% to £64.3 million from £48.7 million. Administrative expenses excluding adjusting items were 8.0% higher at £50.1 million from £46.4 million.

‘Our financial performance has been positive, with net revenue growth across all our business divisions, excellent progress in parcels and digital payments, and good momentum in our key growth areas,’ Chief Executive Officer Nick Wiles said.

The company proposed a final dividend of 18.6 pence per share, up 3.3% from 18.0p a year before. It meant its total dividend for the year was 5.7% higher at 37.0p from 35.0p.

Meanwhile, in the first quarter of financial 2024, net revenue jumped 20% to £35.8 million from £29.9 million. E-commerce net revenue surged 66% to £2.4 million from £1.4 million. For Payments & Banking, net revenue rose 15% to £3.4 million from £2.9 million.

CEO Wiles said: ‘Our compelling characteristics of strong cash flow and resilient earnings remain constant, and our materially enhanced platform is positioned to deliver sustainable and profitable growth for our shareholders, and further progress in the delivery of these objectives in the current year.’

PayPoint shares were 3.4% higher at 484.36 pence each in London on Friday afternoon.

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