(Alliance News) - PayPoint PLC said Wednesday its performance in its first quarter was "good", with performance in line with expectations.
Group net revenue in the three months to June 30 was up 6.2% from the year before at GBP29.9 million versus GBP28.1 million.
The Hertfordshire, England-based payment services provider said its Shopping net revenue was 8.0% higher at GBP15.3 million, while its Payments & Banking revenue increased 1.8% to GBP13.1 million.
In its Shopping business, its total card payment sites fell to 31,846 from 32,462, but its UK retail network increased to 28,341 from 28,254.
"Whilst early in our financial year, we have continued to build on the strong momentum across the group and remain confident in delivering further progress in the current year. Our focus remains on the delivery of our strategic priorities and a strong operational performance, while maintaining a tight control of our cost base," Chief Executive Nick Wiles said.
In its smallest unit, E-commerce, revenue jumped 34% to GBP1.4 million, with PayPoint pointing to "strong" parcel volumes.
Wiles added: "We remain confident, despite some continued headwinds, of the progress we are making in the transformation of our business as we take advantage of the accelerated growth opportunities across our key markets."
Shares in PayPoint were up 0.4% in London on Wednesday mid-morning at 598.50 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
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Paypoint (PAY)