Paypoint profits jump, year in line

28th May 2009 07:21

Payment services group PayPoint saw profits rise 19% in the year and said trading in the current year so far is in line with expectations.The group expects further growth in the UK by increasing market share in bill and general payments, mobile top-ups, and ATMs. It plans to add a further 1,500 terminals during the course of the current financial year.In Romania, it plans to install a further 900 PayPoint terminals. Although it expects losses in Romania in the first half, the business should be trading profitably by the end of the financial year.PayPoint.net, which is trading profitably, should see growth accelerate in the latter part of the year, while Collect+, its parcels joint venture, will require investment during the year "Whilst the prospects for this new business are excellent, it is anticipated that it will be loss-making this year," said the group.Pre-tax profit for the year rose to £35m from £30m before on revenue that increased 7% to £224m.Total dividend for the year is 17.6p (2008: 15.7p).