PayPoint’s plans for payment, parcel and newspaper voucher services already delivering bumper profits

PayPoint delivered bumper profit and revenue increases in the past six months as the company pressed ahead with new services within payments, parcels and newspaper-voucher handling.

Revenue increased to £70.2m in the six months until 30 September 2021, compared with £60.7m in the same period in 2020 – a 15.6% rise. This was accompanied by a 30% increase in its pre-tax profits to £21.9m.

Cash access

The results announcement came a month after the company announced the rollout of its Counter Cash service – paying stores for providing cashback over the counter for the first time. Chief executive Nick Wiles told betterRetailing the company was “rolling out with 900 sites live and around half transacting”. He added that a marketing campaign to promote the service would launch in the new year.