PayPoint sees revenues drop by 6.6%

UK billing payments network PayPoint still hasn’t recovered from its loss of the British Gas contract in 2019. Group revenue fell by 6.6% to £26.8 million in the three months to 30 June 2020.

Net revenues fell by 20.4% excluding the loss of the British Gas contract to £8.2 million – with this contract factored in they fell by 28.2%. PayPoint attribute this to its customers making larger payments less frequently during the lockdown period.

Nick Wiles, Chief Executive of PayPoint plc, said: “We have delivered a solid first quarter performance during a very challenging period for the business and the economy as a whole. Throughout the pandemic, as well as looking after the welfare of our staff we have remained focused on supporting our clients, retailer partner network, and the most vulnerable in the community. I am proud of the way the business has responded to recent challenges, and as we look ahead there is evidence of recovery in activity across a number of our services from the low point in April. We are now working hard to build on these positive signs and identify additional opportunities across our business.”