Pre-tax profits drop by 7.5pc at Irish arm of Payzone
The Irish arm of electronics payment business, Payzone, sustained a dip in pre-tax profits last year in spite of increasing its revenues by 5pc to €234.2m.
Accounts just filed with the Companies Office show that Payzone Ireland Ltd recorded a 7.5pc drop in pre-tax profits going from €6.2m to €5.8m in the 12 months to the end of September 30.
During the same period, revenues increased by €11.4m from €222.8m to €234.2m.
Payzone has a nationwide network of 11,500 retail points of sale which process a variety of electronic transactions services, including mobile phone top-ups, debit/credit card transactions; M50 motorway toll payments; Luas travel cards and pre-paid utility cards.
The firm has been at the forefront in developing the e-payments industry and processes over 50 million transactions in Ireland annually in retail, online and mobile phone payments.
Managing director of Payzone Ireland, Jim Deignan, yesterday described last year's performance as "successful" and said that "the most notable aspect of the business was the diversification into new areas of electronic customer payments".
"Increasingly we have expanded from the traditional mobile phone top-up sector into providing convenient, cost effective and secure payments services for both private and public sectors.
"Payzone has already delivered a range of solutions for public sector organisations including payments services for Leap Card, Prepayment Utility Meters, payment systems for domestic refuse and recycling, and Parking Tags," he added.
The numbers employed by the company at the end of last year totalled 69 compared to 66 in 2010.
Mr Deignan said: "We believe that Payzone is ideally placed to support the public sector with cost-effective and efficient payment channels and that many of our solutions could address the issues and challenges being faced by many public sector organisations."
The profit last year takes account of combined non-cash depreciation and amortisation costs totalling €2.26m.
The firm had a shareholders' deficit of €19.1m last year. The figures show that the firm's cost of sales last year increased from €215.9m to €226.8m with its administrative expenses increasing from €4.6m to €5.4m.