Electronic payment provider Payzone has reported a full-year pre-tax loss of €28.4m.

The figure, before impairment charges of €149.2m and other special administrative items of €30.5m, was less than the €39m it had predicted in October.

Revenue for the year to 30 September was €1.08bn, up from €131m the year before, following the merger between Alphyra and Cardpoint in December 2007 to form Payzone.

Payzone was beset by problems last year, including legal action by two senior former executives and a temporary suspension of its shares.

“Payzone has now found its feet, after what was a difficult period following the bringing together of the Alphyra and Cardpoint businesses,” said Payzone CEO Mike Maloney.

“The economic conditions are challenging and we anticipate that this will remain the case throughout the current financial period, limiting our visibility. However, I believe that our strategic focus of developing the markets we see as core to our growth, and exiting those that are not, will position us well for the future.”