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PayPoint Plc H1 Profit Down, Revenues Rise; Says Confident On FY Expectations

Payment system company PayPoint Plc (PAY.L) reported Thursday that its first-half profit before tax fell 61.8 perent to 21.0 million pounds from last year's 55.0 million pounds, largely due to prior year's profit on disposal of 30.0 million pounds for the Romanian business.

Earnings per share declined 66.4 percent to 24.4 pence from 72.7 pence last year.

Profit before tax from continuing operations excluding exceptional items was 22.5 million pounds, compared to last year's restated profit of 22.1 million pounds. Adjusted profit before tax from continuing operations per share was 26. 6 pence, compared to 25.3 pence a year ago.

Revenue from continuing operations grew 7.4 percent to 75.4 million pounds from 70.2 million pounds. Net revenue from continuing operations was 59.5 million pounds, up 6 percent from 56.1 million pounds in the prior year.

Further, the Board has proposed an ordinary interim dividend of 18.4p per share, an increase of 8.2 percent from last year. The dividend will be paid in equal instalments of 9.2 pence per share on 30 December 2022 and 6 March 2023.

Looking ahead, Nick Wiles, Chief Executive, said, "Against an uncertain market background in the second half, our compelling characteristics of strong cash flow, resilient earnings and growth mean we remain confident of the progress we are making in the transformation of our business and delivering expectations for the year."

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