PayPoint profits rise as it gets ready to sell off PayByPhone

Charlotte Henry
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PayPoint is selling car park payments system PayByPhone after a year of growing profit
RETAIL technology firm PayPoint announced growing net revenue and operational profit for the year ending 31 March.

The firm’s net revenue rose 8.3 per cent, and operating profit increased by 9.1 per cent. Net revenue from its retail network in the UK and Ireland was up 9.3 per cent. Shareholders will benefit, as the dividend will rise by 9.2 per cent to 26.1p per share.

The firm operates in-store and other payment systems. Yesterday it said it will sell off its PayByPhone business, used for making car park payments on a mobile.

Chief executive Dominic Taylor told City A.M. that PayByPhone is a “very exciting business”, but some of the businesses in the financial technology space “will benefit better through a new owner than they will for us, where we have a very operationally focused business model”.