PayPoint PLC on Wednesday reported increased third-quarter revenue, driven by ‘strong’ performances in its e-commerce and Love2shop divisions, and reiterated that it remains on track to meet expectations for the full-year.

The Welwyn Garden City, Hertfordshire-based store payment service provider said revenue for the three months ended December 31, rose to £53.0 million, up 1.9% from £52.0 million in the same period a year earlier.

The company attributed its growth to a ‘record’ quarter for its E-commerce division, with revenue rising 32% in the third quarter to £4.1 million from £3.1 million a year ago.

PayPoint’s Love2shop division reported a 1.3% revenue increase to £18.8 million, up from £18.5 million a year earlier, while revenue in the Shopping division declined by 2.0% to £16.1 million from £16.4 million.

PayPoint also declared an interim dividend of 19.4 pence per share, up 2.1% from 19.0 pence the prior year and in line with its dividend policy.

The company said it remains confident in achieving its target of £100 million in earnings before interest, tax, depreciation, and amortisation by the end of financial 2026.

Chief Executive Nick Wiles said: ‘Our business has continued to deliver further progress in the third quarter building on our strong first half year performance, despite a more challenging overall trading environment and a stalled recovery in consumer confidence.

‘During the period, our seasonal businesses in particular have performed well and, for the business as a whole, the board remains confident in the delivery of further progress in the year and meeting expectations.’

Shares in PayPoint were up 2.3% at 719.00 pence each in London late on Wednesday morning.

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