Paypoint profit down, divi up

19th Nov 2009 07:49

Payment services group Paypoint reported a 10% drop in half year pre-tax profit but said it was confident about its growth prospects. The group, which provides ATM services said, for the six months ended 27 September 2009 pre-tax profit fell to £13.8m from £15.3m the year before. Revenue fell to £6.4m from £109.3m during the same period. The drop in profit was caused mainly by Paypoint's investment in its joint venture Collect+ and reduced interest on cash balances. The interim dividend has been increased to 7.4p from 6.0p. Chairman David Newlands commented, We have again increased the dividend as there is ample capacity to do so without adversely affecting growth prospects," He added, "The outlook for the year is in line with market expectations."