PayPoint PLC PayPoint plc: Contract update (7417D)
28 Junio 2019 - 1:01AM
UK Regulatory
TIDMPAY
RNS Number : 7417D
PayPoint PLC
28 June 2019
For Immediate Release 28 June 2019
PayPoint plc
("PayPoint" or the "Company")
PayPoint, the leading provider of retail technology to the
convenience sector, can confirm today that after extensive
negotiations with British Gas, it has been unable to agree
appropriate renewal terms for its multi-year contract and will
cease working with British Gas and its customers after 31 December
2019.
The impact on net revenue and contribution in the financial year
to 31 March 2020 is expected to be around GBP1.4 million and in the
financial year to 31 March 2021 is forecast to be approximately
GBP3.5 million. Plans are underway to mitigate this, in part,
through the positive revenue trends elsewhere in the Bill Payment
business, including the robust performance of MultiPay, our
omni-channel payments platform. The Board remains confident that
there will still be a progression in profit before tax before
exceptional items for the year ending 31 March 2020.
Patrick Headon, CEO of PayPoint, commented:
"After a long and mutually beneficial partnership, it is
disappointing for PayPoint and British Gas customers that we have
been unable to agree a renewal of our contract. Bill payments,
top-up and e-money transactions remain important services for
PayPoint as 99% of the UK population live within one mile of our
network of 28,000 convenience retailers. Building on the
accessibility of this network over the past few years, we have been
focused on growing our retail services to better support our
retailers and their customers, centred on PayPoint One, our EPoS
solution now in over 13,000 sites, parcels, and card payments and
ATMs. We continue to believe these initiatives are key to embedding
PayPoint at the heart of convenience retail and driving future
growth and profits.
Customers can continue using PayPoint outlets to top up their
prepayment meters by switching to a broad range of alternative
suppliers which can be found on our website,
paypoint.com/energy"
This announcement contains inside information as defined in
Article 7 of the Market Abuse Regulation No. 596/2014. Upon the
publication of this announcement, this inside information is now
considered to be in the public domain.
Ends
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PayPoint RLM Finsbury
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Rachel Kentleton Rollo Head
ABOUT PAYPOINT
In thousands of retail locations, at home and on the move, we
make life more convenient for everyone.
For retailers, we offer innovative and time-saving technology
that empowers convenience retailers in the UK and Romania to
achieve higher footfall and increased spend so they can grow their
businesses profitably. Our innovative retail services platform,
PayPoint One, is now live in over 13,000 stores in the UK and
offers everything a modern convenience store needs, from parcels
and contactless card payments to EPoS and bill payment services.
Our technology helps retailers to serve customers quickly, improve
business efficiency and stay connected to their stores from
anywhere.
We help millions of people to control their household finances,
make essential payments and access in-store services, like parcel
collections and drop-offs. Our UK network of 28,000 stores is
bigger than all banks, supermarkets and Post Offices together,
putting us at the heart of communities nationwide.
For clients of all sizes we provide cutting-edge payments
technologies without the need for capital investment. Our
seamlessly integrated multichannel payments solution, MultiPay, is
a one-stop shop for customer payments. PayPoint helps over 500
consumer service providers to save time and money while making it
easier for their customers to pay - via any channel and on any
device.
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END
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