Paypoint Share News (PAY)

Payment services group Paypoint said its trading performance since the end of March has been satisfactory.The company said that, as anticipated, mobile top-up volumes in the UK, Romania and Ireland are running at lower levels than last year as a result of mobile operators offering more airtime for lower prices.Terminal sites in the UK and Ireland have risen by 488 since the end of March to 22,478 while the number of sites in Romania has fallen by 135 to 5,567.Transactions over the period have risen by 2% in comparison with the corresponding period of last year to 163m. Revenues of £64m are 11% lower than a year earlier as a result of the decline in mobile top-up transactions, but other transaction growth has lifted net revenues for the period by 3% to £24m; net revenues exclude commission paid to retail agents, the cost of mobile top-ups where Paypoint is the principal and acquiring bank charges.Net cash at the end of July was £27m, including client cash of £7m, down from £36m (including client cash of £8m) at the end of March.