Sales down, profit up at Payzone Ireland
Payzone Ireland has reported sales of €155.1m for the 12-month period to 30 September 2016, down 5pc from €162.9m in the previous financial year.
Operating profit at the company was €5.8m for the 12 months, up from €5.3m in 2015, according to accounts recently filed with the Companies Registration Office.
The increased profit was driven by an increase in online transactions which now account for 12pc of total Payzone transactions, an area the company described as "one of the fastest growing sectors of the business during 2016."
Jim Deignan, CEO, of Payzone Ireland said that the 2016 financial results reflect the ongoing diversification of the company’s revenue base.
"During 2016, as expected, the reduction in mobile top-up sales continued, affecting gross turnover figures. However, the business performance, in terms of operating profit, was strong as we diversified further into customised payments solutions," Mr Deignan said.
In addition Mr Deignan said that the company’s "deep knowledge" of the e-payments industry, along with its "technical expertise" meant that it was well placed to adapt quickly to developments in the marketplace.
In April 2015 Payzone was acquired by Carlyle Cardinal Ireland (CCI), the Irish private equity fund founded by The Carlyle Group and Cardinal Capital Group.
Looking to the future, Mr Deignan said that with the support of CCI, Payzone planned to continue diversifying into a wider range of e-payment solutions and channels.
"Our objective is to drive greater efficiency for clients and increased revenues for our retail partners through the delivery of innovative e-payment services, with a renewed focus on consumer payment solutions," Mr Deignan said.
Payzone is Ireland’s largest provider of multi-channel consumer payments and owns one of the largest physical retail payments networks in the country with 11,500 points of sale across over 7,500 agents.
It processes over 90 million transactions annually across a variety of electronic transactions services, including mobile phone top ups, debit/credit card transactions, M50 motorway toll payments, Leap travel cards, parking fees, pre-paid utility and parcel collection services.
Earlier this year the company announced that it acquired the EasyPaymentsPlus and MyEasyPay payment platform businesses.