Payzone's pre-tax profits drop 50pc in 2012
Pre-tax profits at electronic payment business Payzone halved last year to €2.87m after the firm suffered a dip in revenues.
Accounts just filed with the Companies Office show that Payzone Ireland Ltd recorded the 50pc drop in pre-tax profits after revenues decreased by 5pc.
Turnover fell from €234.2m to €222.1m in the 12 months to the end of September 2012.
Payzone is Ireland's largest consumer payments network with more than 2,000 branded retail agents which process a variety of electronic transaction services, including mobile phone top-ups, debit/credit card transactions, M50 motorway toll payments and Leap travel cards, among other items.
The firm has been to the forefront in developing the e-payments industry and processes over 50 million transactions in Ireland annually in retail, online and mobile phone payments.
The firm last year increased its gross profit by 15pc from €7.3m to €8.5m.
The company enjoyed an exceptional gain of €4m due to a bad debt write-back in 2011 and this did not re-occur in 2012. Operating profit, excluding exceptional items, was last year up 47pc to €2.9m.
The company employs close to 100 people in its Sandyford head office in Dublin.
Managing director of Payzone Ireland Jim Deignan described last year's performance as "successful", stating that the most notable aspect of the business was the diversification into new areas of electronic customer payments.