Paypoint keys in profit rise

25th Nov 2010 08:31

Paypoint said half yearly pre-tax profit increased 5.4% as it reduced costs. The group, which operates cash and Internet payment network, said pre-tax profit rose to £14.6m in the six months ended 26 September 2010 from £13.8m previously. Revenue slipped to £92.9m from £96.4m.Internet payments increased 33% while the number of transactions processed rose by 6%. The interim dividend has been increased 5% to 7.8p."These results demonstrate our ability to execute strategy, delivering improved yield in our established business streams and growth in our developing businesses," said chairman David Newlands in a statement.It said trading since the period end has been in line with company expectations.