Electronic payment provider Payzone is planning to raise €40m (£31.8m) in fresh funding to finance the company's development.

The company said the funding would finance a three-year growth plan to capitalise on Payzone's strong market position throughout Europe.

In a trading update, Payzone revealed it had revised its pro-forma pre-tax profit for the year to 30 September to a loss of €30m following a “challenging trading period”.

Shares in the company have been suspended since January following a bitter boardroom row and the replacement of two senior executives, but have resumed trading this morning.