Profits rise five-fold at Irish arm of Payzone
Pre-tax profits at the Irish arm of Payzone rose five-fold to €7.7m in spite of a drop in revenues last year.
New figures lodged by Payzone Ireland show that revenues fell by 12pc to €170.94m.
Payzone employs 70 and is Ireland's largest consumer payments network with over 7,500 retail locations which process a variety of electronic transactions services, including mobile phone top ups, debit/credit card transactions; M50 tolls and local property tax payments.
Commenting on the performance, Payzone Ireland managing director Jim Deignan said yesterday that "2014 was another good year.
"The growth in profit that we have achieved has been largely driven by ongoing expansion of services provided across the Payzone network as well as the introduction of new services that make consumers' lives easier."
He added: "Our balance sheet at the year end demonstrates Payzone's strong financial position and ability to invest in future growth as we move and transition ourselves to become a multi-service, multi-channel player providing electronic payment services across retail, mobile and online."
Mr Deignan said "2015 is progressing well and in line with growth forecasts",
In March, Irish private equity fund Carlyle Cardinal Ireland acquired Payzone Ireland from Duke Street.
The sharp rise in profits at Payzone Ireland arose from an exceptional gain of €4.55m in relation to a bad debt write-back in relation to intracompany debtors.