Profits at PayPoint rose slightly in the past six months despite a double-digit fall in revenues the payment provider blamed on a drop in mobile phone top-ups.
Revenues for the six months to 27 September dropped 12% to £96.4m, but operating profits edged up by 3% to £14.7m. The total value of transactions using PayPoint grew 10% to £4.45bn.
"PayPoint has delivered first half operating profits ahead of market expectations, despite the economic downturn,” said chairman David Newlands. “New products and services, developments in technology, and new contracts have strengthened the traditional business.”
He added: “We have again increased the dividend as there is ample capacity to do so without adversely affecting growth prospects.”
PayPoint pulls out of Threshers (31 October 2009)
How big can EPS get? (analysis; 26 September 2009)