Paypoint has announced increases in both revenue and profits for the six months to 28 September.

Revenue increased by 9% on a like-for-like basis to £109.3m, up from £103.9m for the equivalent period last year. Pre-tax profits increased by 6% from £14.5m to a new mark of £15.3m, with the company saying it had reduced its operating costs by around 3%.

Paypoint also added almost 900 new sites to its network, to 20,772.

However, the payment company admitted to a “slight decline in mobile transactions and in ATM transactions per terminal”.

“PayPoint has delivered first half results ahead of market expectations,” said chairman David Newlands. “There are new products and prospects in the UK and elsewhere, which provide ample opportunity for management to continue to deliver growth."

Earlier this month Paypoint claimed the credit crunch would be good for its business as shoppers use its terminals to make more payments in cash.