TIDMPAY 
 
   PayPoint plc 
 
   Results for the six months to 30 September 2019 
 
   Financial HIGHLIGHTS 
 
 
 
 
                                Six months to  Six months to 
                                 30 September   30 September 
                                     2019           2018        Change 
------------------------------ 
Revenue                             GBP103.7m      GBP106.1m     (2.3)% 
Net revenue(1)                       GBP57.3m       GBP55.6m       3.0% 
Operating margin(2)                     42.1%          45.8%  (3.7)ppts 
Profit before tax                    GBP24.0m       GBP25.3m     (5.2)% 
Diluted earnings per share              28.5p          30.0p     (5.0)% 
Cash generation(3)                   GBP27.1m       GBP27.6m     (1.8)% 
Ordinary dividend per share             23.6p          15.6p      51.6% 
Additional dividend per share           18.4p          12.2p      51.1% 
Net corporate (debt)/cash(4)       GBP(12.3)m        GBP0.6m        n/m 
Cash and cash equivalents            GBP40.5m       GBP39.4m       3.0% 
------------------------------ 
 
 
   Good progress against PayPoint's strategic priorities 
 
 
   -- Embed PayPoint at the heart of convenience retail 
 
          -- PayPoint One installed in 15,088 sites as at 30 September 2019, an 
             increase of 2,207 since 31 March 2019 and represents 86% of 
             PayPoint's independent retailer estate. 
 
          -- PayPoint will significantly exceed its original target of 15,800 
             PayPoint One sites by 31 March 2020 with the legacy terminal 
             largely retired from the independent retailer estate by that date. 
             Our new target is 16,500 by 31 March 2020. 
 
          -- PayPoint One average weekly service fee per site has grown to 
             GBP15.5 from GBP15.0 last year and total service fee revenue has 
             grown by 31.8% to GBP6.3 million versus GBP4.8 million last year. 
 
          -- Card payment estate returned to growth, operating in 9,879 sites 
             as at 30 September 2019 compared to 9,796 sites as at 31 March 
             2019. 
 
   -- Become the definitive parcel point solution 
 
          -- Good volumes from new parcel partners delivered a 15.1% growth in 
             parcel volume. 
 
          -- eBay, Amazon, FedEx and DHL now5 integrated into network, 7,000 
             training sessions held with retailers on new parcel partners 
             requirements. 
 
          -- Collect+ Trust Pilot rating of 4.7 out of 5 maintained, 
             reconfirming the leading service quality of Collect+. 
 
   -- Sustain leadership in 'pay-as-you go' and grow digital bill payments 
 
          -- 10 new clients were secured; 11 contracts renewed representing 
             17.0%6 of UK bill payments and top-ups annual net revenue. Renewed 
             clients include Utilita and Paysafe. 
 
          -- Continued strong growth in MultiPay with transaction growth of 
             33.5%; net revenue growth of 32.0%. 
 
          -- New direct debit functionality now delivered with a strong 
             pipeline of clients. 
 
          -- Romania performed well, maintaining its market leadership position 
             with good growth in net revenue from margin improvement. 
 
   -- Innovate for future growth and profits 
 
 
   -- Parcel mobile app now fully functional with parcel inventory management, 
      character recognition and predictive text features. 
 
 
   -- Organisation and service delivery 
 
          -- Introduced call quality monitoring, improved first contact 
             resolution by 10ppts. 
 
          -- Bringing terminal repairs in-house reduced run rate costs by 
             cGBP0.8 million p.a. and terminal swap rates by 57%, significantly 
             improving the quality of service to our retailers. 
 
 
   Financial highlights 
 
 
   -- Net revenue of GBP57.3 million was up by 3.0% on a reported basis and up 
      4.0% on an underlying basis, which excludes the GBP0.5 million final year 
      impact from the Yodel renegotiation. 
 
   -- Underlying net revenue growth was driven by strong performance in UK 
      service fee revenue (up by 31.8%) Romania (up by 6.2%) and a resilient 
      performance in UK bill payments and top-up businesses which were up by 
      GBP0.2 million (0.7%). 
 
   -- Costs of GBP33.2 million7 represent a GBP3.0 million increase from the 
      prior period (GBP30.2 million). Excluding a one-off benefit in the prior 
      period of GBP1.7 million from improved VAT recovery, costs increased by 
      GBP1.3 million, reflecting investment into additional resources to 
      integrate new parcel partners into the network and in the contact centre 
      to further improve customer service. 
 
   -- Profit before tax of GBP24.0 million was GBP1.3 million below prior year. 
      Excluding the one-off VAT recovery benefit of GBP1.7 million and GBP0.5m 
      Yodel impact in the prior year, underlying8 profit before tax was up 
      GBP0.9 million (4.0%). 
 
   -- Continued strong cash conversion with GBP27.1 million cash generated9 
      from profit before tax of GBP24.0 million. 
 
   -- Net corporate debt of GBP12.3 million reflects cash balances of GBP5.7 
      million less GBP18.0 million financing facility usage. 
 
   -- Ordinary interim dividend of 23.6 pence per share and an additional 
      interim dividend of 18.4 pence per share declared. The total dividend of 
      42.0 pence per share will be paid in equal instalments of 21.0 pence per 
      share on 30 December 2019 and 9 March 2020. 
 
   Nick Wiles, Executive Chairman of PayPoint plc, said: 
 
   "I'm pleased with the progress PayPoint has made over the past six 
months as continued execution against our stated strategic priorities 
has seen the business deliver net revenue growth of 3.0% and underlying 
profit before tax growth(10) of 4.0%. 
 
   The roll out of PayPoint One has continued at pace, expanding to 
15,922(11) sites. The strong momentum we have seen means PayPoint is set 
to exceed its original target of 15,800 PayPoint One sites by 31 March 
2020. Our new target for that date is now(5) 16,500 and will mean we 
have largely retired our legacy terminal from the UK independent 
retailer estate by 31 March 2020. Service fee revenue grew by 31.8% in 
the period and is now the largest net revenue contributor in our UK 
retail services business. We will invest further into our platform in 
the second half to drive further expansion of EPoS features, ensuring 
ongoing delivery of benefits to our retailers and more widely into the 
convenience sector. 
 
   In parcels, our new partnerships with eBay, Amazon, FedEx and DHL are 
now delivering good volumes driving overall parcel volume growth of 
15.1% in the first half. There has also been a strong focus on 
operational excellence whilst onboarding our new partners. We also saw a 
resilient performance in our bill payments and top-up business, with 
energy transactions higher than the same period last year, delivering 
increased net revenue. 
 
   Ben Wishart was appointed as an independent non-executive director of 
the Company with effect from 14 November 2019. Ben will serve as a 
member of the nomination and remuneration committees together with the 
audit committee and its sub-committee, the Cyber & IT Committee. 
 
   Whilst the financial performance of the business will be influenced by 
parcel volumes and continued resilience in UK bill payments over the 
second half, the progress of the business during the first half, 
reported today, underpins the Board's confidence that as PayPoint's 
growth drivers continue to develop, there will be progression in profit 
before exceptional items and tax for the full financial year to 31 March 
2020." 
 
   Enquiries 
 
   PayPoint plc                                                                            Finsbury (Tel: 0207 2513 801) 
 
 
   Nick Wiles, Executive Chairman (Tel: 01707 600 317)                Rollo 
Head 
 
   Rachel Kentleton, Finance Director (Tel: 07843 074 906)           Andy 
Parnis 
 
   A presentation for analysts is being held at 9.30am today (28 November 
2019) at Canaccord Genuity Limited, 88 Wood Street, London, EC2V 7QR. 
This announcement is available on the PayPoint plc website: 
https://www.globenewswire.com/Tracker?data=BxovnmRUsjXSGW4w5mSU8LV8afT-iY2QN9SxyM3aPEeKseszX3pXwx4Vo8JIF_q6WqP3iC0RbhCkEEoqOQT15ey2uSb0Bjlp6c-H5_1K9vs= 
corporate.paypoint.com 
 
   EXECUTIVE CHAIRMAN'S REVIEW 
 
   In the first six months of the year, PayPoint delivered a financial 
performance in line with the Board's expectations and continued to make 
good progress executing its strategic priorities. PayPoint One is 
now(12) in over 86% of PayPoint's independent retail estate which 
ensures we are in a strong position to drive future growth 
opportunities. Our new parcel partners have begun to deliver volumes 
through their increased presence in our network and Romania delivered a 
good result with further margin improvements. 
 
   We continued to work towards achieving a good balance between taking 
actions to deliver results for the current financial year against 
appropriate positioning of the business for the longer term. 
 
   Net revenue of GBP57.3 million increased by GBP1.7 million (3.0%) on a 
reported basis and included the GBP0.5 million impact from the final 
year impact of the revised Yodel commercial terms. Net revenue growth 
was achieved across all of our businesses with UK retail services up by 
GBP1.0 million (5.7%), UK bill payments and top-ups up by GBP0.2 million 
(0.7%) and Romania up by GBP0.5 million (6.2%). 
 
   There was also a continued focus on delivering sustainable cost 
efficiencies. In the first half we extended in-house terminal repairs to 
PPoS and PayPoint One terminals. We have now secured GBP0.8 million of 
annual savings from bringing terminal repairs in-house, which has 
significantly improved the quality of repairs, reduced swap levels by 
57% and enhanced customer service. Microsoft NAV was also installed as 
the new Enterprise Resource Planning ('ERP') system resulting in 
automation of reports and processes. There will be an ongoing 
integration programme extending these benefits further into the 
organisation. 
 
   Profit before tax of GBP24.0 million was a reduction of GBP1.3 million 
from GBP25.3 million for the same period last year, although the prior 
period included a one off GBP1.7 million benefit from improved VAT 
recovery. Underlying profit before tax, which excludes this one-off 
benefit and the Yodel renegotiation, improved by 4.0%. Diluted earnings 
per share was 28.5 pence for the six-month period to 30 September 2019 
(September 2018: 30.0 pence). 
 
   An interim ordinary dividend of 23.6 pence per share and an additional 
interim dividend of 18.4 pence per share have been declared. The total 
dividend of 42.0 pence per share will be paid in equal instalments of 
21.0 pence per share on 30 December 2019 and 9 March 2020. 
 
   As announced on 26 September 2019, Chief Executive, Patrick Headon, has 
taken a temporary leave of absence from the Company to receive treatment 
for a medical condition for approximately three months. The Company's 
Chairman, Nick Wiles is acting as Executive Chairman to support the 
Executive team during this period. 
 
   MARKET OVERVIEW 
 
   Changing market dynamics are creating significant opportunities for 
PayPoint. Consumer demand for convenience and immediacy are shaping the 
markets in which PayPoint operates in, and disruption by challenges in 
energy and banking sectors is creating exciting opportunities for 
PayPoint's offering. 
 
   Key trends and changes since the end of the 18/19 financial year in the 
UK markets in which PayPoint operates include: 
 
 
   -- Convenience 
 
          -- Total convenience sector sales growth expected to be 3% and reach 
             over GBP41.7bn in 201913. 
 
          -- Total UK convenience stores were stable at 46,00014, with 
             multiples and symbols gaining marginal market share. 
 
          -- 50% of independent retailers have an EPoS system which, on average, 
             costs cGBP20 per week. 
 
   -- Card payments 
 
          -- Total UK card payment transactions increased by 7.8%15. 
 
          -- Contactless payments increased by 19.4%4. 
 
          -- Average transaction values declined by 6.6%4. 
 
   -- ATMs 
 
          -- LINK's ATM transactions declined by 7.3% to c1.3 billion 
             transactions16 and the number of ATMs in the UK reduced by 1,200 
             sites since December 2018 to 61,961 in June 20195. 
 
          -- On 1 April 2019, LINK introduced additional premiums for ATM 
             operators where eligible ATMs provide access to cash in deprived 
             areas under the Financial Inclusion Programme17. 
 
   -- Parcels 
 
          -- UK parcel volume declined by 5.6%18, expectation remains that 
             there will be long term growth. 
 
          -- The click and collect market is set to rise 45.8% over the next 
             four years to reach GBP9.8bn by 202319. 
 
          -- Returns market is c185 million parcels per year. 37% of consumers 
             returned delivered items in the six months to February 2019, an 
             increase of 7 ppts year-on-year since 201820. 
 
   -- Bill and digital payments 
 
          -- Challenger energy providers (i.e. non-big six) combined market 
             share continued to grow and is now at c28%21 of the overall 
             market. 
 
          -- Rollout of smart meters has slowed by c20% to 1m per quarter22. 
             New proposed roll out deadline set to 31 December 2024 for a 
             minimum smart meter coverage level of 85% for each energy 
             provider23. 
 
          -- Mobile pre-pay subscribers reduced by 6% in 2018 to 25.9 
             million24. 
 
 
   PROGRESS AGAINST OUR STRATEGIC PRIORITIES 
 
   PayPoint's strategy is to maximise its opportunity in the dynamic 
markets in which it operates by leveraging its leading retailer network, 
scalable technology and payments platform. The strategy is executed 
through the following four key priorities: 
 
 
   1. Embed PayPoint at the heart of convenience retail. 
 
   2. PayPoint becomes the definitive parcel point solution. 
 
   3. Sustain leadership in 'pay-as-you-go' and grow digital bill payments. 
 
   4. Innovate for future growth and profits. 
 
 
   Progress against these priorities is set out below. 
 
   1.     PRIORITY 1: EMBED PAYPOINT AT THE HEART OF CONVENIENCE RETAIL 
 
   PayPoint will continue to provide and develop new products and services 
which enhance our retailers' offer to their customers and help them 
operate their businesses more effectively. Core to this priority is 
PayPoint One, which includes EPoS and bill payment functionality, and 
other products such as card payments and ATMs. 
 
   Achievements in the first half of the year 
 
 
   -- Continued roll out of PayPoint One which was in 15,088 sites at 30 
      September 2019, an, increase of 2,207 since 31 March 2019. As at 25 
      November 2019, PayPoint One was in 15,922 sites. Our original target of 
      15,800 sites by 31 March 2020 will be exceeded with a new revised target 
      of 16,500: 
 
          -- 86%25 of PayPoint's independent retailers are now26 using PayPoint 
             One. Retirement of the legacy terminal from the UK independent 
             retailer estate will be completed by the end of financial year 
             19/20. 
 
          -- Average weekly revenue per site increased to GBP15.5 (2018: 
             GBP15.0) largely as a result of the annual price indexation. EPoS 
             Pro was in 824 sites. 
 
 
 
 
   -- Card payment sites returned to growth; increased by 83 since 31 March 
      2019 to 9,879 at 30 September 2019. 
 
          -- Card payment transactions increased by 16.9% to 66.6 million 
             (September 2018: 57.0 million). 
 
          -- Net revenue of GBP4.2 million was 8.3% higher than the same period 
             last year. The increase in the number of transactions was offset 
             by lower average transaction values arising from the growth in 
             contactless payments. The average transaction value was GBP11.83, 
             a reduction from GBP12.81 achieved in 2018. 
 
          -- Operational improvements and new pricing structures have reduced 
             the card service churn rate by 1.4ppts to 15.9%1 in the period 
             ended September 2019 compared to 17.3%27 last period. 
 
   -- ATM sites were 3,972 at 30 September 2019, an increase of 145 since 31 
      March 2019. 
 
          -- Secured a new significant ATM client and rolled out 132 ATMs to 
             its leisure centres. 
 
          -- PayPoint continued to focus on relocating machines from low 
             performing sites to better locations. The average monthly 
             transactions per site per month increased by 0.9% to 885 
             transactions. 
 
          -- ATM transactions declined to 20.7 million (September 2018: 21.4 
             million). This represents a decline of 3.2%, less than the general 
             market decline of 7.3%. 
 
          -- Net revenue decreased by GBP0.5 million (7.2%) to GBP6.0m, 
             primarily due to the reduction in LINK interchange fees (5% in 
             July 2018 and 5% in January 2019). 
 
          -- PayPoint was the first to support LINK's new nationwide scheme 
             which reinstitutes access to free-to-use cash machines in 
             communities by installing an ATM in Ardington in Oxfordshire in 
             September. 
 
 
   Priorities for the second half of the year 
 
 
   1. Largely retire the legacy terminal from the independent retailer estate 
      by the end of this financial year through roll out of PayPoint One to 
      16,500 sites by 31 March 2020. 
 
   2. Ongoing focus on service delivery improvement. As part of this drive we 
      will hire a new customer services director and will commence development 
      of a self-service retailer portal. 
 
   3. Extend card payment net settlement pilot into the retailer estate. 
 
   4. Continued investment into our EPoS platform to allow further expansion of 
      features and ensure ongoing delivery of benefits to our retailers. 
 
 
   2. PRIORITY 2: PAYPOINT BECOMES THE DEFINITIVE PARCEL POINT SOLUTION 
 
   Online retail shopping will continue to grow as retailers enhance their 
offering with ongoing improvements in convenience and service delivery 
methods. However, deliveries in the "last mile" remain difficult for 
carriers who are operating in a competitive low-margin market. 
PayPoint's extensive network, which comprises over 7,000 sites, provides 
a solution for carriers and retailers, improving service levels for 
their customers. 
 
   Progress in the first half of the year 
 
 
   -- Rolled out new partners access to the PayPoint network; held over 7,000 
      training sessions with new and existing retailers on behalf of parcel 
      partners. 
 
   -- Volumes increased to 11.5 million, up 15.1%, from 10.0 million, 
      reflecting improvement in Yodel volumes and new partner volumes 
      commencing. 
 
   -- Parcel mobile app fully functional with parcel inventory management, 
      character recognition and predictive text features. 
 
   -- Delivered excellent customer service across all new and existing 
      partners; Collect+ Trust Pilot rating of 4.7 out of 5, reconfirming 
      Collect+ as the consumers favourite solution. 
 
 
   Priorities for the second half of the year 
 
 
   -- Continued focus on customer and retailer experience with further training 
      and site visits. 
 
   -- Continue to scale partners' access into the network and generate 
      additional volumes from new partnerships. 
 
   -- Development of a send proposition, in preparation for a pilot in 
      financial year 20/21. 
 
 
 
   PRIORITY 3: SUSTAIN LEADERSHIP IN 'PAY-AS-YOU-GO' AND GROW DIGITAL BILL 
PAYMENTS 
 
   UK 
 
   Over-the-counter payments will remain an important part of the UK 
economy and we will continue to retain our leadership in this market. 
This business remains highly cash generative and enables us to invest in 
future growth and innovation. We intend to grow our presence in 
omni-channel payments by evolving the MultiPay platform offering and 
extending beyond the energy sector. 
 
   Progress in the first half of the year 
 
 
   -- 10 new clients and 11 existing clients renewed on similar terms, 
      representing 17.0%28 of our bill payments and top-ups annual net revenue. 
 
   -- UK bill payment (including MultiPay) net revenue of GBP22.0 million was 
      3.9% ahead of the same period in the prior year. Transaction volume 
      increased by 0.7%, driven by a resilient performance in the energy 
      sector. Client revenue mix continued to improve, with average net revenue 
      per transaction increasing to 15.5 pence, up 3.2%. 
 
   -- MultiPay's continued strong growth delivered a net revenue increase of 
      32.0% driven by processing 13.9 million transactions, an increase of 
      33.5% in the period. 
 
   -- Strong growth in eMoney which increased transactions by 0.7 million 
      (17.0%) to 4.4 million transactions and net revenue by 18.7%. 
 
 
   Priorities for the second half of the year 
 
 
   -- Capture further opportunities within other verticals including housing 
      associations and local authorities. 
 
   -- Development of a PayByLink feature for MultiPay ready for the 20/21 
      financial year. 
 
   -- Maximise cross selling opportunities. 
 
   -- Execute well on the established detailed transition plans and process of 
      the British Gas account. The impact to the financial year ending 31 March 
      2020 of this contract ending is GBP1.4m. The impact to financial year 
      ending 31 March 2021, is GBP3.5m. 
 
   Romania 
 
   Romania is an important growth driver for PayPoint. Its technology 
platform, network strength and brand recognition make it uniquely placed 
as the Romanian market evolves. This evolution will include, over time, 
growth in automated, digital, parcel and card payments solutions. Cash 
bill payments remain a mass market proposition and will continue to be a 
robust category. 
 
   Progress in the first half of the year 
 
 
   -- Maintained leadership in the bill payment market with a 34% share of 
      clients' cash bill payments, driven by 74% consumer awareness. 
 
   -- 12 new clients secured in the period. 
 
   -- Transaction growth of 1.7% to 56.7 million despite challenging market 
      conditions. 
 
   -- Net revenue increased by 6.2% to GBP7.3 million; net revenue per 
      transaction increased 4.4% to 12.8 pence per transaction driven by 
      ongoing focus on margin improvement. 
 
   -- Trialled a new self-service proposition with development of an automatic 
      vending machine (AVM). 
 
   -- Extended network into large multiple retailers; PayPoint was in 19,088 
      sites at 30 September 2019, an increase of 622 since 31 March 2019. 
 
   -- Developed a new T4 terminal with integrated card payment functionality in 
      preparation for replacing the legacy terminals in Romania. 
 
 
   Priorities for the second half of the year 
 
 
   -- Deliver further margin improvement. 
 
   -- Rollout the card payment proposition to a further 300 sites. 
 
   -- Commence roll out of the new T4 terminal into the retailer network. 
 
   PRIORITY 4: INNOVATE FOR FUTURE GROWTH AND PROFITS 
 
   Innovation has been a key to our success since the PayPoint started over 
20 years ago. As evidenced in the above priorities, we continue to 
innovate to maintain our competitive advantage, drive new products and 
services, improve our retailer experience and increase efficiency. 
 
   ORGANISATION AND SERVICE DELIVERY 
 
   Underpinning PayPoint's future success is the continued development and 
investment in our people, systems and organisation with the aim to 
create an efficient and high performance based culture with a focus on 
empowerment, engagement and customer service. 
 
   Progress in the first half of the year 
 
 
   -- Extended our in-house terminal maintenance and repairs to include 
      PayPoint One and PPoS terminals. 
 
   -- Terminal swap rates reduced by 57% driven by stability of PayPoint One 
      and improved quality of repairs from in-house maintenance which 
      ultimately improved customer service and experience. 
 
 
   -- Improved first time contact resolution by 10ppts. 
 
   -- Implemented a new ERP system, Microsoft NAV, enabling streamlined 
      processes and efficiency. 
 
 
   Priorities for the second half of the year 
 
 
   -- Ongoing improvement in service delivery by redefining our end to end 
      service proposal for retailer experience, including appointment of a new 
      customer services director. 
 
   -- Continued development of the Salesforce CRM lead to sales feature in 
      preparation for release in the fourth quarter of the financial year. 
 
   Outlook 
 
   Whilst the financial performance of the business will be influenced by 
parcel volumes and continued resilience in UK bill payments over the 
second half, the progress of the business during the first half, 
reported today, underpins the Board's confidence that as PayPoint's 
growth drivers continue to develop, there will be progression in profit 
before exceptional items and tax for the full financial year to 31 March 
2020. 
 
 
 
   Financial review 
 
   OVERVIEW 
 
 
 
 
                              Six months to  Six months to          Year ended 
                               30 September   30 September  Change   31 March 
  GBPm                             2019           2018         %       2019 
---------------------------- 
Net revenue 
   UK retail services                  19.9           18.9    5.7%        37.8 
   UK bill payments and 
    top-ups                            30.1           29.9    0.7%        64.9 
   Romania                              7.3            6.8    6.2%        13.9 
---------------------------- 
Total net revenue                      57.3           55.6    3.0%       116.6 
 
Costs                                  33.2           30.2    9.9%        62.8 
Profit before exceptional 
 items and tax                         24.0           25.3  (5.2%)        53.8 
Profit before tax                      24.0           25.3  (5.2%)        54.7 
Cash generation                        27.1           27.6  (1.8%)        62.8 
Net corporate (debt)/cash            (12.3)            0.6     n/m         3.5 
 
 
   Profit before tax of GBP24.0 million (2018: GBP25.3 million) was, as 
expected, lower than the same period last year by GBP1.3 million with 
the prior period including a one-off GBP1.7 million benefit from 
improved VAT recovery. Excluding this and the final GBP0.5 million fee 
from renegotiation of the Yodel commercial arrangement, underlying 
pre-tax profits grew by GBP0.9m (4.0%). 
 
   Net revenue increased by GBP1.7 million to GBP57.3 million. Underlying 
net revenue, which excludes the Yodel renegotiation mentioned above, 
increased by GBP2.2 million (4.0%) driven by GBP1.5 million underlying 
growth in UK retail services, a resilient performance in UK bill 
payments and top-ups and strong margin growth in Romania. 
 
   UK retail services net revenue, excluding the impact from the Yodel 
renegotiation, increased by GBP1.5 million (8.2%) driven by the roll out 
of PayPoint One to 15,088 sites which increased service fee revenue by 
GBP1.5 million (31.8%). The card payment estate returned to growth and 
card payment rebate revenue increased by GBP0.3 million due to increased 
transaction volumes. 
 
   UK bill payments and top-ups businesses delivered net revenue of GBP30.1 
million (2018: GBP29.9 million), an increase of GBP0.2 million from 
prior period. There was a resilient performance in bill payments with 
transactions increasing by 1.0 million (0.7%) mainly from the energy 
sector. MultiPay continued to grow strongly, transactions increased by 
3.5 million (33.5%) resulting in a GBP0.4 million (32.0%) increase in 
net revenue. As expected, the UK top-ups transaction volumes declined by 
2.7 million (11.8%) to 20.4 million. UK top-up net revenue reduced by 
GBP0.7 million to GBP8.1 million. Included within top-ups is eMoney net 
revenue which grew by GBP0.5 million (18.7%). 
 
   Romania's net revenue increased by 6.2% to GBP7.3 million primarily 
driven by improved margins in bill payments and top-ups. Romania's bill 
payments and top-up transactions were broadly flat at 49.6 million and 
6.1 million respectively. The new card payments proposition was rolled 
out to 1,400 sites by 30 September 2019. 
 
   Included in the prior period comparatives was the Irish business which 
ceased operations in the second half of the 2018/19 financial year. In 
the six months to September 2018, it generated GBP1.2 million gross 
revenue and net revenue of GBP0.1 million. 
 
   Costs increased by GBP3.0 million to GBP33.2 million. Underlying costs 
which excludes the prior period VAT benefit of GBP1.7 million increased 
by GBP1.3 million (4.1%). The increase in underlying cost was primarily 
due to investment in customer service through additional resources for 
the contact centre, the parcels team, to roll out the parcel proposition 
to new partners, and the client service team. This was partially offset 
by efficiencies including extending in-house repairs and maintenance to 
PayPoint One and PPoS terminals. In-house terminal maintenance has 
significantly improved repair quality thereby reducing terminal swaps 
and ultimately improved retailers' experience. 
 
   Cash generation remained strong with GBP27.1 million delivered from 
profit before tax of GBP24.0 million. Similar to the last period, there 
was a working capital outflow of GBP1.2 million which will reverse in 
the second half of the year. 
 
   Net corporate (debt)/cash declined by GBP12.9 million to a net debt 
position of GBP12.3 million primarily driven by tax payments of GBP10.2 
million and capital expenditure of GBP4.1 million. Tax payments are 
higher compared to the same period in the prior year due to HMRC 
bringing payments on account forward by six months. At 30 September 
2019, GBP18 million (2018: GBP6 million) was utilised of the GBP75 
million facility. 
 
   SECTOR ANALYSIS 
 
   UK retail services 
 
   UK retail services are services PayPoint provides to retailers which 
form part of PayPoint's network. Services include providing the PayPoint 
One platform (which has a basic till application), EPoS, ATMs, card 
payments, parcels and SIMs. 
 
 
 
 
 
                           Six months to    Six months to           Year ended 
                           30 September     30 September   Change    31 March 
                               2019             2018          %        2019 
----------------------- 
Number of retailers               17,472           17,626   (0.9%)      17,608 
 
PayPoint terminal sites 
(No.) 
   PayPoint One(29)               15,088           10,242    47.3%      12,881 
   Legacy terminal                 4,732           10,080  (53.1%)       7,000 
   PPoS(30)                        8,546            8,564   (0.2%)       8,554 
   Total sites                    28,366           28,886   (1.8%)      28,435 
Services in sites (No.) 
   PayPoint One Base               7,579            4,589    65.2%       6,337 
   EPoS Core                       6,685            5,235    27.7%       5,899 
   EPoS Pro                          824              418    97.1%         645 
   Card payments                   9,879            9,951   (0.7%)       9,796 
   ATMs                            3,972            3,983   (0.3%)       3,827 
   Parcels                         7,113            7,084     0.4%       7,134 
Transactions (Millions) 
   Card payments                    66.6             57.0    16.9%       113.5 
   ATMs                             20.7             21.4   (3.2%)        42.1 
   Parcels                          11.5             10.0    15.1%        21.8 
PayPoint One average 
 weekly service fee per 
 site (GBP)                         15.5             15.0     3.3%        15.1 
Net revenue (GBPm) 
   Service fees                      6.3              4.8    31.8%        10.3 
   Card payments                     4.2              3.9     8.3%         7.9 
   ATM                               6.0              6.5   (7.2%)        12.3 
   Parcels and other                 3.4              3.7   (8.0%)         7.3 
----------------------- 
Total net revenue 
 (GBPm)                             19.9             18.9     5.7%        37.8 
 
 
   As at 30 September 2019, PayPoint had a terminal in 28,366 UK sites, a 
small reduction of 69 from 31 March 2019. The PayPoint One roll out 
continued at pace resulting in PayPoint One sites increasing by 2,207 
sites since 31 March 2019 to 15,088 sites at 30 September 2019 and, 
consequently, the number of UK sites with the legacy terminal reduced by 
2,268 sites to 4,732. The sun-setting of the legacy terminal is ahead of 
original plans and is expected to be largely complete for the 
independent retailer estate by the end of the 19/20 financial year. 
 
   UK retail services: underlying net revenue increased by GBP1.5 million 
(8.2%) to GBP19.9 million excluding the prior period impact of GBP0.5 
million from the revised commercial terms with Yodel. The net revenue of 
each of our key products is separately addressed below. 
 
   Service fees: This is a core growth area and consists of service fees 
from PayPoint One and our legacy terminal. PayPoint One is now the 
largest net revenue contributor to UK retail services. Service fee 
revenue increased by GBP1.5 million (31.8%) to GBP6.3 million driven by 
the additional 4,846 PayPoint One sites compared to 30 September 2018. 
The PayPoint One average weekly fee per site increased by 3.3% to 
GBP15.5 benefitting from the annual price indexation. Retailers taking 
the Core version of the product represent 44.3% (2018: 51.1%) of all 
PayPoint One sites and the Pro version representing 5.5% (2018: 4.1%). 
 
   ATMs: As expected ATM net revenue declined by GBP0.5 million (7.2%) due 
to the reduction of LINKs interchange fee and a 3.2% reduction in 
transactions to 20.7 million. In the lead up to the half year end 132 
ATMs were rolled out to leisure centres for a significant new client, 
with the revenue benefit expected to be realised from the second half of 
the financial year onwards. PayPoint continued to optimise its network 
by moving ATM's from low transacting sites to better performing 
locations. The average monthly transactions per site per month increased 
by 0.9% to 885 transactions. 
 
   Card payments: Card payments transaction volumes grew by 16.9% to 66.6 
million benefitting from the market trend of growing card payments, in 
particular contactless payments. Across our network, 9,879 retailers 
were using the card payment solution, an increase of 83 sites since 31 
March 2019. Net revenue increased by 8.3% to GBP4.2 million, which is 
lower than the transaction volume increase as there were lower average 
transaction values as a result of the growth in contactless payments. 
PayPoint's revenue rebate is broadly based on a percentage of the 
transaction value processed. 
 
   Parcels & other: Parcel volumes increased by 15.1% to 11.5 million, 
benefitting from stabilisation of Yodel volumes and growth from our new 
partnerships in this market. Parcel sites increased by 29 from the prior 
period to 7,113 sites. 
 
   Parcel and other net revenue decreased by 8.0%, however underlying net 
revenue excluding the prior year GBP0.5m Yodel impact increased by 6.4%. 
During the period focus was on rolling out new partners into the network 
with eBay, DHL, FedEx and Amazon each having over 20% access to the 
network. Other services provided include SIM sales and other ad hoc 
items. SIM sales continue to be affected by the overall decline in the 
mobile top-up market. 
 
   UK bill payments(31) 
 
   Bill payments is our most established category and consists of prepaid 
energy, bill payments (including MultiPay) and CashOut services. 
 
 
 
 
                              Six months to  Six months to          Year ended 
                               30 September   30 September  Change   31 March 
                                   2019           2018         %       2019 
---------------------------- 
   Total transactions 
    (millions)                        141.7          140.7    0.7%       317.2 
   Of which: MultiPay 
    transactions (millions)            13.9           10.4   33.5%        27.3 
   Transaction value (GBPm)         2,896.6        2,920.1  (0.8%)     6,390.2 
   Net revenue (GBPm)                  22.0           21.1    3.9%        47.8 
   Net revenue per 
    transaction (pence)                15.5           15.0    3.2%        15.1 
 
 
   UK bill payments net revenue increased by 3.9% (GBP0.9 million) to 
GBP22.0 million. There was a 1.0 million increase (0.7%) in transaction 
volumes, mainly from the energy sector. Net revenue per transaction 
continued to increase and was up by 3.2% due to the ongoing improvement 
in mix to smaller, but higher yielding clients. MultiPay continued to 
grow strongly where transactions increased by 3.5 million (33.5%) to 
13.9 million and net revenue by 32.0% to GBP1.8 million. 
 
   As announced on 28 June 2019, PayPoint was unable to agree appropriate 
renewal terms with British Gas 
 
   and will cease working with British Gas on 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. 
 
 
 
   UK top-ups & eMoney 
 
   Top-ups include transactions where consumers can top up their mobiles, 
prepaid debit cards and lottery tickets. This sector also includes 
eMoney transactions where PayPoint provides the physical network for 
consumers to convert cash into electronic funds with online 
organisations. 
 
 
 
 
                             Six months to  Six months to           Year ended 
                              30 September   30 September  Change    31 March 
                                  2019           2018         %        2019 
--------------------------- 
   Transactions (millions)            20.4           23.1  (11.8%)        44.5 
    Of which: eMoney 
     transactions 
     (millions)                        4.4            3.7    17.0%         7.8 
   Transaction value (GBPm)          308.1          308.2   (0.0%)       607.0 
   Net revenue (GBPm)                  8.1            8.8   (8.6%)        17.1 
   Net revenue per 
    transaction (pence)               39.6           38.2     3.6%        38.7 
 
 
   UK top-ups continued to be affected by market trends whereby direct 
debit pay monthly options displace UK prepay mobile. As expected, UK 
top-up transactions declined by 2.7 million (11.8%) to 20.4 million 
which led to a decline of GBP0.7m (8.6%) in net revenue. Offsetting the 
impact of lower transactions on net revenue was the strong growth in the 
higher yielding eMoney sector which increased transactions by 0.7 
million (17.0%) to 4.4 million and net revenue by 18.7%. 
 
   Romania 
 
   The Romanian business mainly comprises bill payments and top-ups 
operating on a similar basis to our UK business. Cash payment remains a 
mass market proposition in the country and is expected to be the 
dominant payment method for the medium term. 
 
 
 
 
                              Six months to  Six months to          Year ended 
                               30 September   30 September  Change   31 March 
                                   2019           2018         %       2019 
---------------------------- 
PayPoint terminal sites 
 (No.)                               19,088         18,984    0.5%      18,466 
Transaction value (GBPm)              1,146          1,082    5.8%       2,312 
Transactions (millions) 
   Bill payments                       49.6           49.1    1.1%        99.1 
   Top-ups                              6.1            6.1    0.4%        11.9 
   Other                                1.0            0.6   64.2%         1.2 
---------------------------- 
Total transactions                     56.7           55.8    1.7%       112.2 
Net revenue (GBPm)                      7.3            6.8    6.2%        13.9 
Net revenue per transaction 
 (pence)                               12.8           12.3    4.4%        12.3 
 
 
   Following the completion of the Payzone integration programme, the 
number of sites with a PayPoint terminal returned to growth and 
increased to 19,088 sites. Bill payment transactions increased by 1.1% 
to 49.6 million and top-up transactions were flat, a good performance 
given that growth in the bill payments market has slowed and the top-up 
market is in decline. The growth in other transactions was driven by 
card payment transactions which was rolled out to 1,400 sites. Net 
revenue increased by 6.2% which reflects improved margins from 
contractual increases and benefits from the Payzone integration 
programme. 
 
   COSTS 
 
 
 
 
                            Six months to  Six months to            Year ended 
                             30 September   30 September   Change    31 March 
  GBPm                           2019           2018          %        2019 
-------------------------- 
Other costs of revenue                4.1            4.5   (10.0%)         9.0 
Depreciation and 
 amortisation                         4.3            4.7    (7.4%)         9.8 
Administrative costs                 24.7           20.9     18.5%        43.8 
Finance costs                         0.1            0.1   (47.1%)         0.2 
Total costs                          33.2           30.2      9.9%        62.8 
Add back VAT recovery 
 benefit related to prior 
 years                                  -            1.7  (100.0%)         2.4 
-------------------------- 
Underlying costs                     33.2           31.9      4.1%        65.2 
 
 
   Costs increased by GBP3.0 million to GBP33.2 million. Underlying costs 
which excludes the prior period VAT benefit of GBP1.7 million increased 
by GBP1.3 million (4.1%). The increase in underlying cost was primarily 
due to investment in customer service through additional resources for 
the contact centre, the parcels team, to roll out the parcel proposition 
to new partners, and the client service team. There was also the annual 
inflationary increases and one-off costs related to the CEO change. This 
was partially offset by efficiencies including extending in-house 
repairs and maintenance to PayPoint One and PPoS terminals, bringing 
internal audit in-house and terminating redundant telephone lines. 
In-house terminal maintenance has significantly improved repair quality 
thereby reducing terminal swaps by 57% and ultimately improved 
retailers' experience. 
 
   OPERATING MARGIN(32) 
 
   Operating margin of 42.1% (2018: 45.8%) declined by 3.7ppts due to the 
prior period GBP1.7 million VAT benefit described above. Excluding the 
VAT benefit from 2018, the operating margin would have been 42.8% which 
is broadly similar to the current period. 
 
   PROFIT BEFORE TAX AND TAXATION 
 
   The tax charge of GBP4.5 million (2018: GBP4.8 million) on profit before 
tax of GBP24.0 million (2018: GBP25.3 million) represents an effective 
tax rate(33) of 18.8% (2018: 19.0%). The effective tax rate was slightly 
below the UK statutory rate due to Romania having a lower statutory rate 
of 16% which was partially offset by non-deductible expenses. 
 
   STATEMENT OF FINANCIAL POSITION 
 
   Net assets of GBP41.4 million (2018: GBP45.7 million) declined by GBP4.3 
million. Current assets declined by GBP3.3 million to GBP175.8 million 
mainly due to a decrease in trade and other receivables. There is a 
corresponding decrease in trade and other payables. Non-current assets 
increased by GBP2.0 million to GBP56.5 million, with a 
right-of-use-asset of GBP1.1m introduced for IFRS 16, capital 
expenditure of GBP4.1 million offset by depreciation and amortisation of 
GBP4.3 million. 
 
   CASH FLOW AND LIQUIDITY 
 
   The following table summarises the cash flow movements during the year. 
 
 
 
 
                                                     Six months to  Six months to            Year ended 
                                                      30 September   30 September   Change    31 March 
  GBPm                                                    2019           2018          %        2019 
--------------------------------------------------- 
Profit before tax                                             24.0           25.3    (5.2%)        54.7 
   Exceptional items                                             -              -         -       (0.9) 
   Depreciation and amortisation                               4.3            4.7    (7.4%)         9.8 
   VAT and other non-cash items                                  -          (1.7)  (100.5%)       (2.3) 
   Share based payments and other items                          -            0.2  (101.1%)         1.1 
   Working capital changes (corporate)                       (1.2)          (0.9)     42.6%         0.4 
Cash generation                                               27.1           27.6    (1.4%)        62.8 
   Taxation payments                                        (10.2)          (4.4)    131.9%      (10.0) 
   Capital expenditure                                       (4.1)          (3.7)     10.5%      (11.0) 
   Movement in financing facility                             18.0            6.0    200.0%           - 
   Dividends paid                                           (28.7)         (37.6)   (23.6%)      (56.6) 
--------------------------------------------------- 
Net increase/(decrease) in corporate cash and cash 
 equivalents                                                   2.1         (12.1)  (117.5%)      (14.8) 
   Net change in clients' funds and retailers' 
    deposits                                                   0.8            5.4   (84.5%)         7.3 
--------------------------------------------------- 
Net increase/(decrease) in cash and cash 
 equivalents                                                   2.9          (6.7)  (143.3%)       (7.5) 
   Cash and cash equivalents at the beginning of 
    year                                                      37.5           46.0   (18.5%)        46.0 
   Effect of foreign exchange rate changes                     0.1            0.1         -       (1.0) 
--------------------------------------------------- 
Cash and cash equivalents at period end                       40.5           39.4      2.8%        37.5 
Comprising: 
--------------------------------------------------- 
Net corporate cash                                             5.7            6.6   (14.3%)         3.5 
Clients' funds and retailers' deposits                        34.8           32.7      6.4%        34.0 
---------------------------------------------------                                          ---------- 
 
 
   Cash generation remained strong with GBP27.1 million delivered from 
profit before tax of GBP24.0 million. As with the prior period there was 
a working capital outflow of GBP1.2 million which will reverse in the 
second half of the year. 
 
   Taxation payments of GBP10.2 million (2018: GBP4.4 million) are higher 
compared to the same period in the prior year due to HMRC bringing 
payment on accounts forward by six months, although these payments will 
revert to normal levels in the second half of the year. 
 
   Capital expenditure of GBP4.1 million (2018: GBP3.7 million) consists of 
PayPoint One terminals and EPoS and CRM development. Capital expenditure 
for the financial year 2019/20 remains in line with expectations. 
 
   As anticipated PayPoint transitioned to a net debt situation of GBP12.3 
million as part of the additional dividend programme. At 30 September 
2019 GBP18.0 million of the GBP75 million facility was utilised (2018: 
GBP6 million). 
 
   DIVIDS 
 
 
 
 
                                        Six months to  Six months to 
                                         30 September   30 September    Change 
                                             2019           2018          % 
-------------------------------------- 
Paid dividends per share (pence) 
   Final ordinary dividend for the 
    prior year                                   23.6           30.6   (22.9%) 
   Final additional dividend for the 
    prior year                                   18.4           24.5   (24.9%) 
-------------------------------------- 
                                                 42.0           55.1   (23.8%) 
Proposed dividend per share (pence) 
   Interim ordinary dividend 
    (Proposed)                                   23.6           15.6     51.6% 
   Interim additional dividend 
    (Proposed)                                   18.4           12.2     51.1% 
                                                 42.0           27.7     51.4% 
 
Total dividends paid in period (GBPm)            28.7           37.6   (23.6%) 
 
 
   On 1 April 2019 a new programme of four equal dividends payable in July, 
September, December and March was implemented. In the six months to 30 
September 2019, total dividend payments under the new programme of 
GBP28.7 million (42.0p per share) were made. This represents the final 
ordinary dividend for the year ended 31 March 2019 totalling GBP16.1 
million (23.6p per share) and the final additional dividend of GBP12.6 
million (18.4p per share). This is lower than the same period last year 
when dividends were paid under the previous payment profile and were two 
thirds of total annual dividend payments. 
 
   An interim dividend of 23.6p per share (September 2018: 15.6p) and an 
additional dividend of 18.4p (September 2018: 12.2p) per share have been 
declared. As part of the new quarterly dividend payment profile the 
total dividend of 42.0p per share will be paid in equal instalments of 
21.0p per share on 30 December 2019 and 9 March 2020. This will result 
in shareholders receiving a similar level of dividends in the 19/20 
financial year as they would have under the previous payment profile. 
 
   Rachel Kentleton 
 
   Finance Director 
 
   27 November 2019 
 
   Condensed Consolidated Statement of Profit or loss 
 
 
 
 
                                                 Unaudited      Unaudited     Audited 
                                                  6 months       6 months       year 
                                                   ended          ended        ended 
                                                30 September   30 September   31 March 
                                         Note       2019           2018         2019 
                                                   GBP000         GBP000       GBP000 
CONTINUING OPERATIONS 
Revenue                                   2,3        103,735        106,134    211,576 
Cost of revenue                          5          (54,697)       (59,605)  (113,303) 
Gross profit                                          49,038         46,529     98,273 
Administrative expenses                             (24,931)       (21,048)   (44,319) 
Operating profit                                      24,107         25,481     53,954 
Finance income                                           228            176        427 
Finance costs                                          (300)          (312)      (586) 
Profit before tax before exceptional 
 items                                                24,035         25,345     53,795 
Exceptional items                                          -              -        922 
Profit before tax                                     24,035         25,345     54,717 
Tax                                      6           (4,508)        (4,815)   (10,285) 
Profit for the period                                 19,527         20,530     44,432 
 
 
Earnings per share 
Basic                                    7             28.6p          30.1p      65.2p 
Diluted                                  7             28.5p          30.0p      64.8p 
 
 
CONDENSED CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME 
 
                                                   Unaudited      Unaudited    Audited 
                                                    6 months       6 months       year 
                                                       ended          ended      ended 
                                                30 September   30 September   31 March 
                                                        2019           2018       2019 
                                                      GBP000         GBP000     GBP000 
Exchange differences on translation 
 of foreign operations                                   415            229      (740) 
Other comprehensive income for the 
 period                                                  415            229      (740) 
Profit for the period                                 19,527         20,530     44,432 
Total comprehensive income for the 
 period                                               19,942         20,759     43,692 
 
   Notes 1 to 15 form part of these financial statements. 
 
 
 
   CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 
 
 
 
 
                                                Unaudited      Unaudited     Audited 
                                               30 September   30 September   31 March 
                                                   2019           2018         2019 
                                        Note      GBP000         GBP000       GBP000 
Non-current assets 
Goodwill                                             12,037         12,372     11,618 
Other intangible assets                              16,997         14,464     15,875 
Property, plant and equipment                        26,505         27,273     26,665 
Deferred tax assets                                     945            400        781 
                                                     56,484         54,509     54,939 
------------------------------------  ------  -------------  -------------  --------- 
Current assets 
Inventories                                             180            193        124 
Trade and other receivables                9        133,840        139,561    139,010 
Current tax asset                                     1,262              -          - 
Cash and cash equivalents                 10         40,521         39,359     37,485 
                                                    175,803        179,113    176,619 
------------------------------------  ------  -------------  -------------  --------- 
Total assets                                        232,287        233,622    231,558 
Current liabilities 
Trade and other payables                  11        171,686        176,959    176,720 
Current tax liabilities                                   -          4,629      4,455 
Lease liabilities                                       211              -          - 
Loans and borrowings                                 18,000          6,000          - 
                                                    189,897        187,588    181,175 
------------------------------------  ------  -------------  -------------  --------- 
Non-current liabilities 
Other liabilities                         11            169            322        233 
Deferred tax liability 
 e                                                        -             54          - 
Lease liabilities                                       828              -          - 
                                                        997            376        233 
Total liabilities                                   190,894        187,964    181,408 
 
Net assets                                           41,393         45,658     50,150 
Equity 
Share capital                             12            227            227        227 
Share premium                                         4,485          3,351      3,352 
Share-based payment reserve                           2,349          2,221      2,684 
Translation reserve                                   (574)           (20)      (989) 
Retained earnings                                    34,906         39,879     44,876 
Total equity attributable to equity 
 holders of the parent                               41,393         45,658     50,150 
 
 
   Notes 1 to 15 form part of these financial statements. 
 
   CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 
 
 
 
 
                                                         Share- 
                                                          based 
                                     Share     Share     payment  Translation  Retained    Total 
                                     capital   premium   reserve    reserve     earnings   equity 
                              Note   GBP000    GBP000    GBP000      GBP000      GBP000    GBP000 
Audited equity 
 31 March 2018                           227     2,907     2,771        (249)     55,637    61,293 
----------------------------  ----  --------  --------  --------  -----------  ---------  -------- 
Profit for the period                      -         -         -            -     20,530    20,530 
Exchange differences on 
 translation of foreign 
 operations                                -         -         -          229          -       229 
Comprehensive income for 
 the period                                -         -         -          229     20,530    20,759 
Adoption of IFRS 15                        -         -         -            -        975       975 
Equity-settled share-based 
 payment expense                           -         -       886            -          -       886 
Vesting of share scheme                    -       444   (1,439)            -        302     (693) 
Deferred tax on share-based 
 payments                                  -         -         3            -          -         3 
Dividends                                  -         -         -            -   (37,565)  (37,565) 
Unaudited equity 
 30 September 2018                       227     3,351     2,221         (20)     39,879    45,658 
----------------------------  ----  --------  --------  --------  -----------  ---------  -------- 
Profit for the period                      -         -         -            -     23,902    23,902 
Exchange differences on 
 translation of foreign 
 operations                                -         -         -        (969)          -     (969) 
Comprehensive income for 
 the period                                -         -         -        (969)     23,902    22,933 
Equity-settled share-based 
 payment expense                           -         -       580            -          -       580 
Vesting of share scheme                    -         1     (124)            -         91      (32) 
Deferred tax on share-based 
 payments                                  -         -         7            -          -         7 
Dividends                                  -         -         -            -   (18,996)  (18,996) 
Audited equity 
 31 March 2019                           227     3,352     2,684        (989)     44,876    50,150 
----------------------------  ----  --------  --------  --------  -----------  ---------  -------- 
Profit for the period                      -         -         -            -     19,527    19,527 
Exchange differences on 
 translation of foreign 
 operations                                -         -         -          415          -       415 
Comprehensive income for 
 the period                                -         -         -          415     19,527    19,942 
Adoption of IFRS 16                        -         -         -            -       (73)      (73) 
Equity-settled share-based 
 payment expense                           -         -     1,026            -          -     1,026 
Vesting of share scheme         13         -     1,133   (1,374)            -      (788)   (1,029) 
Tax on share-based payments                -         -        13            -         72        85 
Dividends                        8         -         -         -            -   (28,708)  (28,708) 
Unaudited equity 
 30 September 2019                       227     4,485     2,349        (574)     34,906    41,393 
----------------------------  ----  --------  --------  --------  -----------  ---------  -------- 
 
 
   Notes 1 to 15 form part of these financial statements. 
 
   CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS 
 
 
 
 
                                                  Unaudited      Unaudited     Audited 
                                                   6 months       6 months       year 
                                                    ended          ended        ended 
                                                 30 September   30 September   31 March 
                                                     2019           2018         2019 
                                          Note      GBP000         GBP000       GBP000 
Net cash flow from operating activities     15         17,531         28,299     59,563 
 
Investing activities 
    Finance income                                        228            176        427 
    Purchase of property, plant and 
     equipment                                        (1,562)        (1,583)    (5,087) 
    Intangible asset development                      (2,521)        (2,112)    (5,894) 
    Net proceeds from disposal of 
     property, plant and equipment                          1              7         12 
Net cash used in investing activities                 (3,854)        (3,512)   (10,542) 
Financing activities 
    Dividends paid                                   (28,708)       (37,565)   (56,561) 
 Movement in financing facility                        18,000          6,000          - 
Net cash used in financing activities                (10,708)       (31,565)   (56,561) 
Increase/(decrease) in cash and 
 cash equivalents                                       2,969        (6,778)    (7,540) 
Cash and cash equivalents at beginning 
 of year                                               37,485         46,040     46,040 
Effect of foreign exchange rate 
 changes                                                   67             97    (1,015) 
Cash and cash equivalents at period 
 end                                                   40,521         39,359     37,485 
 
Reconciliation of cash and cash 
 equivalents 
Corporate cash                                          5,673          6,617      3,471 
Clients' funds and retailers' 
 deposits                                              34,848         32,742     34,014 
Cash and cash equivalents at period 
 end                                                   40,521         39,359     37,485 
 
   Notes 1 to 15 form part of these financial statements. 
 
 
 
   NOTES TO condensed FINANCIAL STATEMENTS 
 
   1.      Accounting policies 
 
   Reporting entity 
 
   PayPoint plc ('the company') is a company domiciled in the United 
Kingdom. These consolidated interim financial statements ('interim 
financial statements') as at and for the six months ended 30 September 
2019 comprise the company and its subsidiaries (together referred to as 
the 'group'). The group is primarily involved in providing innovative 
and time-saving technology to retailers and is a service provider for 
consumer transactions (see note 2). 
 
   Basis of preparation 
 
   These interim financial statements have been prepared in accordance with 
IAS 34 Interim Financial Reporting, and should be read in conjunction 
with the group's last annual consolidated financial statements as at and 
for the year ended 31 March 2019 ('last annual financial statements'). 
They do not include all the information required for a complete set of 
IFRS financial statements. However, selected explanatory notes are 
included to explain events and transactions that are significant to an 
understanding of the changes in the group's financial position and 
performance since the last annual financial statements. The interim 
financial statements contained in this report are unaudited, but have 
been formally reviewed by the auditor and their report to the company is 
set out on page 30. 
 
   The information shown for the year ended 31 March 2019, which is 
prepared under International Financial Reporting Standards (IFRS), does 
not constitute statutory accounts within the meaning of section 434 of 
the Companies Act 2006. The report of the auditor on the statutory 
accounts for the year ended 31 March 2019, prepared under IFRS, was 
unqualified, did not draw attention to any matters by way of emphasis 
and did not contain a statement under sections 498 (2) or (3) of the 
Companies Act 2006 and has been filed with the Registrar of Companies. 
 
   By order of the Board, these interim statements were authorised for 
issue on 27 November 2019. 
 
   The directors are satisfied that the group has adequate resources to 
continue in operational existence for the foreseeable future, a period 
of not less than 12 months from the date of this report. 
 
   The accounting policies are consistent with those included in the annual 
report 2019, except for the adoption of IFRS 16 Leases. 
 
   Adoption of IFRS 16 Leases 
 
   As a lessee, the group previously classified leases as operating or 
finance leases based on its assessment of whether the lease transferred 
substantially all of the risks and rewards of ownership. On transition 
to IFRS 16, the group's policy is to recognise right-of-use assets and 
liabilities for leases, except in the case of short-term leases and 
leases of low-value assets. In these instances, the lease payments are 
recognised as an expense on a straight-line basis over the lease term. 
 
   IFRS 16 was adopted from 1 April 2019 using the modified retrospective 
method, therefore the prior period comparatives have not been restated. 
On transition to IFRS 16, the group recognised right-of-use assets and 
lease liabilities on the statement of financial position with the 
difference recorded in retained earnings. The impact on transition is 
summarised below. 
 
 
 
 
                                                                1 April 2019 
                                                                   GBP000 
Right-of-use asset presented in property, plant and equipment          1,016 
Lease liabilities                                                      1,089 
Retained earnings                                                       (73) 
 
 
   The group recognises a right-of-use asset and a lease liability at the 
lease commencement date. 
 
 
   -- The right-of-use asset is initially measured at cost and subsequently at 
      cost less accumulated depreciation and impairment losses. 
 
   -- The lease is initially measured at the present value of the lease 
      payments that are not paid at the commencement date, discounted using the 
      interest rate implicit in the lease. The lease liability is subsequently 
      increased by the interest cost on the lease and decreased by payments 
      made. In the event of a change in future lease payments, the lease 
      liability will be remeasured and the difference recognised in the 
      right-of-use asset. 
 
 
   Information about the leases for the six-month period is presented 
below. 
 
 
 
 
                                                Property  Vehicles   Total 
  Right-of-use asset                             GBP000    GBP000    GBP000 
Balance at 30 September 2019                         947        27      974 
Depreciation charge for the period                 (109)       (5)    (114) 
Lease liability 
Current balance at 30 September 2019                 200        10      210 
Non-current balance at 30 September 2019             813        15      828 
Interest for the period                             (22)       (1)     (23) 
 
 
   The group assessed whether it had any assets where it was a lessor and 
concluded that it does not lease any assets. 
 
   Use of judgements and estimates 
 
   In the application of the group's accounting policies, the directors are 
required to make judgements, estimates and assumptions about the 
carrying amounts of assets and liabilities that are not readily apparent 
from other sources. The estimates and associated assumptions are based 
on historical experience and other factors that are considered to be 
relevant. Actual results may differ from these estimates. 
 
   Estimates and underlying assumptions are reviewed on an ongoing basis. 
Revisions to accounting estimates are recognised in the period in which 
the estimate is revised if the revision affects only that period, or in 
the period of the revision and future periods if the revision affects 
both current and future periods. 
 
   The critical accounting judgement at the balance sheet date that has a 
significant risk of causing a material adjustment to the carrying amount 
of assets and liabilities through estimation uncertainty is the 
evaluation of capitalised development expenditure shown in intangible 
assets. 
 
   Judgement: capitalised development expenditure 
 
   An accounting judgement at the statement of financial position date that 
has a risk of causing an adjustment to the carrying amount of assets and 
liabilities through estimation uncertainty is the evaluation of 
capitalised development expenditure shown in intangible assets. 
 
   Significant estimate: Useful economic lives of intangible assets 
 
   The useful life used to amortise intangible assets relates to the 
expected future performance of the assets and management's judgement of 
the period over which economic benefit will be derived from the asset. 
For development costs, the group has determined the useful life based on 
historical experience with similar products and platforms controlled by 
the group as well as anticipation of future events which may impact 
their life such as changes in technology. Historically, changes in 
useful lives have not resulted in material changes to the group's 
amortisation charge. 
 
   Significant judgement: agent vs principal 
 
   A significant judgement for revenue recognition is PayPoint's assessment 
of whether it is acting as a principal or agent. 
 
   This includes evaluating: 
 
   a) which party was responsible for fulfilling the promise to provide the 
service 
 
   b) inventory risk before the service is transferred to a customer 
 
   c) discretion in establishing the price for the service 
 
   In most cases it was clear that PayPoint acts in the capacity of the 
agent for clients, however in the case of mobile top-ups in Romania due 
to the nature of the product this becomes a key judgement area. Revenues 
are recognised on the principal basis considering the level of service 
responsibility, inventory risk and price discretion held by PayPoint. 
This is consistent with the judgement in prior years. 
 
   Significant judgement: recognition of cash and cash equivalents 
 
   A key judgement area is whether clients' funds and retailers' deposits 
are recognised on the balance sheet. 
 
   This includes evaluating: 
 
   a) existence of a binding agreement clearly identifying the beneficiary 
of the funds 
 
   b) the identification, ability to allocate and separability of funds 
 
   c) identification of the holder of those funds at any point in time 
 
   The judgement is where there is a binding agreement specifying that 
PayPoint holds funds on behalf of the client (i.e. acting in the 
capacity of a trustee) and those funds have been separately identified 
as belonging to that beneficiary, the cash and the related liability is 
held off balance sheet. In all other situations the cash and 
corresponding liability are recognised on the balance sheet. 
 
   Alternative performance measures 
 
   Non-IFRS measures or alternative performance measures are used by the 
directors and management for performance analysis, planning, reporting 
and incentive setting purposes which have remained consistent with prior 
periods. These measures are included in these interim financial 
statements to provide additional useful information on performance and 
trends to shareholders. 
 
   These measures are not defined terms under IFRS and therefore they may 
not be comparable with similarly titled measures reported by other 
companies. They are not intended to be a substitute for, or superior to, 
IFRS measures. The measures are described below. 
 
   Net revenue (non-IFRS measure) 
 
   Net revenue is revenue less commission paid to retailers and the cost of 
mobile top-ups and SIM cards where PayPoint is principal. This reflects 
the benefit attributable to PayPoint's performance eliminating 
pass-through costs which creates comparability where PayPoint is agent 
or principal and is an important measure of the overall success of our 
strategy. A reconciliation from revenue to net revenue is included in 
note 4. 
 
   Effective tax rate (non-IFRS measure) 
 
   Effective tax rate is the tax cost as a percentage of net profit before 
tax. 
 
   Cash generation (non-IFRS measure) 
 
   Cash generation reflects earnings before tax, depreciation, amortisation 
and exceptional items adjusted for working capital (excluding movement 
in clients' funds and retailers' deposits) as detailed in note 15 to the 
financial statements. This measures the cash generated which can be used 
for tax payments, new investments and financing activities. 
 
   Total costs (non-IFRS measure) 
 
   Total costs comprise other cost of revenue (note 5), admin expenses, 
financing income and financing costs. 
 
   Operating margin (non-IFRS measure) 
 
   Operating margin is calculated by dividing operating profit by net 
revenue. This measure reflects the efficiency of converting revenue into 
profits. 
 
   Net (debt)/cash (non-IFRS measure) 
 
   Net (debt)/cash represents cash and cash equivalents excluding cash 
recognised as clients' funds and retailers' deposits, less amounts 
borrowed under financing facilities (excluding IFRS 16 liabilities). 
 
   2.      Segmental reporting 
 
   The group provides a number of different services and products, however 
these do not meet the definition of different segments under IFRS 8 and 
the group has only one operating segment. 
 
 
 
 
                       6 months       6 months       Year 
                         ended          ended        ended 
                      30 September   30 September   31 March 
                          2019           2018         2019 
                         GBP000         GBP000       GBP000 
Revenue by country 
UK                          68,693         68,306    143,294 
Ireland                          -          1,238      1,381 
Romania                     35,042         36,590     66,901 
Total                      103,735        106,134    211,576 
-------------------  -------------  -------------  --------- 
 
 
 
 
 
 
                     30 September  30 September  31 March 
                         2019          2018        2019 
                        GBP000        GBP000      GBP000 
Non-current assets 
UK (and Ireland)           42,211        36,172    41,759 
Romania                    14,273        17,937    13,180 
Total                      56,484        54,109    54,939 
 
 
 
   3.      Revenue 
 
 
 
 
                              6 months       6 months       Year 
                                ended          ended        ended 
                             30 September   30 September   31 March 
                                 2019           2018         2019 
Disaggregation of revenue       GBP000         GBP000       GBP000 
Bill payments                      36,516         35,312     78,095 
Top-ups and eMoney                 39,638         43,610     79,076 
Retail services                    27,581         27,212     54,405 
Total                             103,735        106,134    211,576 
 
 
 
 
 
 
                                      6 months       6 months       Year 
                                        ended          ended        ended 
                                     30 September   30 September   31 March 
                                         2019           2018         2019 
Contract balances                       GBP000         GBP000       GBP000 
Trade receivables                          13,701         19,699     15,271 
Accrued income                              4,147          2,496      2,047 
Contract assets - deferred setup 
 and development costs                      3,397          3,205      3,636 
Contract liabilities                      (2,378)        (2,156)    (2,696) 
Deferred income                             (612)          (632)      (599) 
Total                                      18,255         22,612     17,659 
 
   Seasonality of operations 
 
   PayPoint operates in many sectors each with their own form of 
seasonality. The energy bill payment and parcel sectors are the most 
seasonal sectors with the energy sector generating more transactions 
during the winter months and parcels generating higher volumes in the 
lead up to Christmas. As a result, higher revenue and 
 
   operating profits are usually expected in the second half of the year 
rather than in the first six months. This does not constitute "highly 
seasonal" as considered by IAS 34 Interim Financial Reporting. 
 
   4.     Net revenue 
 
 
 
 
                                   6 months       6 months       Year 
                                     ended          ended        ended 
                                  30 September   30 September   31 March 
                                      2019           2018         2019 
The reconciliation of revenue        GBP000         GBP000       GBP000 
Service revenue                         75,124         74,371    147,988 
Sale of goods                           28,037         31,262     62,557 
Royalties                                  574            501      1,031 
Revenue                                103,735        106,134    211,576 
less: 
Retail agent commissions              (20,940)       (22,043)   (46,434) 
Cost of mobile top-ups and SIM 
 cards as principal                   (25,532)       (28,509)   (48,507) 
Net revenue                             57,263         55,582    116,635 
Yodel renegotiation                          -          (501)      (706) 
Underlying net revenue                  57,263         55,081    115,929 
 
 
   5.      Cost of revenue 
 
 
 
 
                                        6 months       6 months       Year 
                                          ended          ended        ended 
                                       30 September   30 September   31 March 
                                           2019           2018         2019 
                                          GBP000         GBP000       GBP000 
Cost of revenue 
Commission payable to retail agents          20,940         22,043     46,434 
Cost of mobile top-ups and SIM 
 cards                                       25,532         28,509     48,507 
Cost of revenue deducted for net 
 revenue                                     46,472         50,552     94,941 
Depreciation and amortisation                 4,134          4,509      9,365 
Other                                         4,091          4,544      8,997 
Other cost of revenue                         8,225          9,053     18,362 
Total cost of revenue                        54,697         59,605    113,303 
 
 
   6.      Tax on profit 
 
 
 
 
                 6 months       6 months       Year 
                   ended          ended        ended 
                30 September   30 September   31 March 
                    2019           2018         2019 
                   GBP000         GBP000       GBP000 
Current tax            4,657          4,811     10,708 
Deferred tax           (149)              4      (423) 
Total                  4,508          4,815     10,285 
 
 
 
 
 
 
 
                                             6 months       6 months       Year 
                                               ended          ended        ended 
                                            30 September   30 September   31 March 
                                                2019           2018         2019 
  Effective tax rate(34)                       GBP000         GBP000       GBP000 
Effective tax rate                                 18.8%          19.0%      18.8% 
Effective tax rate excluding exceptional 
 items                                             18.8%          19.0%      19.1% 
 
 
   The tax charge was GBP4.5 million (September 2018: GBP4.8 million) 
resulting in an effective tax rate of 18.8% (September 2018: 19.0%), 
which is slightly below the UK statutory rate. The tax rate is increased 
by disallowable expenses in the UK, but reduced by profits in Romania 
being taxed at a lower rate than the UK. 
 
   7.      Earnings per share 
 
   The basic and diluted earnings per share are calculated on the following 
profit and number of shares. 
 
   The earnings for calculating the earnings per share is the net profit 
attributable to equity holders of the parent. 
 
 
 
 
                                              6 months       6 months        Year 
                                                ended          ended         ended 
                                             30 September   30 September   31 March 
                                                 2019           2018         2019 
                                                GBP000         GBP000       GBP000 
Profit for basic and diluted earnings 
 per share is the net profit attributable 
 to equity holders of the parent                   19,527         20,530      44,432 
 
                                                Number of      Number of   Number of 
                                                   Shares         Shares      Shares 
                                                Thousands      Thousands   Thousands 
Weighted average number of ordinary 
 shares in issue (for basic earnings 
 per share)                                        68,251         68,159      68,160 
Potential dilutive ordinary shares: 
Long-term incentive plan                              266            171         361 
Deferred annual bonus scheme                           43             26          39 
SIP and other                                          51             12          37 
Diluted basis                                      68,611         68,368      68,597 
 
 
 
 
 
 
Earnings per share 
Basic                 28.6p  30.1p  65.2p 
Diluted               28.5p  30.0p  64.8p 
 
 
   8.      Dividends 
 
   On 28 November 2019 an interim dividend of 23.6p per share (September 
2018: 15.6p) and an additional dividend of 18.4p (September 2018: 12.2p) 
per share were declared. The total dividend of 42.0 pence per share will 
be paid in equal instalments of 21.0 pence per share on 30 December 2019 
(to shareholders on the register on 6 December 2019) and 9 March 2020 
(to shareholders on the register on 7 February 2020). Total dividends of 
GBP28.7 million (42.0p per share) were paid during the period and 
comprised of the final ordinary dividend for the year ended 31 March 
2019 totalling GBP16.1 million (23.6p per share) and the final 
additional dividend of GBP12.6 million (18.4p per share). 
 
   9.      Trade and other receivables 
 
 
 
 
                                       30 September  30 September  31 March 
                                           2019          2018        2019 
                                          GBP000        GBP000      GBP000 
Trade receivables                            13,701        19,699    15,271 
Items in the course of collection(1)        112,623       112,915   117,263 
Revenue allowance                           (2,926)       (3,203)   (2,957) 
                                            123,398       129,411   129,577 
Other receivables                               217           495     1,032 
Contract assets                               3,397         3,205     3,636 
Accrued income                                4,147         2,496     2,047 
Prepayments                                   2,681         3,954     2,718 
                                            133,840       139,561   139,010 
-------------------------------------  ------------  ------------  -------- 
 
 
   (1) Items in the course of collection represent amounts collected for 
clients by retailers. An equivalent balance is included within trade and 
other payables. 
 
   10.    Cash and cash equivalents 
 
   The group operates cash pooling amongst its various bank accounts in the 
UK and therefore individual accounts can be overdrawn without penalties 
being incurred so long as the overall position is in credit. 
 
   Included within group cash and cash equivalents of GBP40.5 million 
(2018: GBP39.4 million) are balances of GBP34.8 million (2018: GBP32.7 
million) relating to funds collected on behalf of clients where PayPoint 
has title to the funds (clients' funds) and where retailers have 
provided security deposits (retailers' deposits). An equivalent balance 
is included within trade payables (note 11). Clients' funds held in 
trust which are not included in cash and cash equivalents amounted to 
GBP38.4 million at 30 September 2019 (2018: GBP35.6 million). 
 
   11.    Trade and other payables 
 
 
 
 
                                     30 September  30 September  31 March 
                                         2019          2018        2019 
                                        GBP000        GBP000      GBP000 
Amounts owed in respect of client 
 funds' and retailers' deposits(1)         34,848        32,741    34,014 
Settlement payables(2)                    112,623       112,915   117,263 
Client payables                           147,471       145,656   151,277 
Trade payables                              6,938         9,421     7,536 
Other taxes and social security             3,083         5,087     1,985 
Other payables                              3,489         2,937     5,939 
Accruals                                    7,884        11,392     6,921 
Deferred income                               612           632       599 
Contract liabilities                        2,378         2,156     2,696 
                                          171,855       177,281   176,953 
-----------------------------------  ------------  ------------  -------- 
 
 
   Disclosed as: 
 
 
 
 
Current       171,686  176,959  176,720 
Non-current       169      322      233 
Total         171,855  177,281  176,953 
------------  -------  -------  ------- 
 
   (1) Relates to monies collected on behalf of clients where the group has 
title to the funds (clients' funds and retailers' deposits). An 
equivalent balance is included within cash and cash equivalents. 
 
   (2) Payable in respect of amounts collected for clients by retailers. An 
equivalent balance is included within trade and other receivables. 
 
   12.    Share capital 
 
   Share capital as at 30 September 2019 was GBP227,831. During the period 
the PayPoint plc issued 111,602 (September 2018: 48,777) shares for the 
2016 LTIP, DSB and SIP schemes. 
 
   13.    Share-based payments 
 
   The total charge of GBP1.4 million (September 2018: GBP1.4 million) 
recognised directly to equity for schemes which have lapsed or vested 
was transferred from the share-based payments reserve to retained 
earnings during the period. 
 
   On 10 June 2019, 192,675 shares under the LTIP scheme were granted with 
50% of the vesting based on total shareholder return (TSR) and 50% on 
earnings per share (EPS) growth. The performance condition for the TSR 
element is the same as the vesting period. The performance period for 
the EPS element is for the three financial years up to 31 March 2022. A 
further 19,953 shares were issued under the DABS scheme with vesting 
over three years to 12 June 2022. 
 
   14.    Fair value of financial assets and liabilities 
 
   The directors consider there to be no material difference between the 
book value and the fair value of the group's financial instruments at 30 
September 2019, 30 September 2018 and 31 March 2019. 
 
   15.    Notes to the statement of cash flows 
 
 
 
 
                                             6 months       6 months       Year 
                                               ended          ended        ended 
                                            30 September   30 September   31 March 
                                                2019           2018         2019 
                                               GBP000         GBP000       GBP000 
Profit before tax                                 24,035         25,345     54,717 
Adjustments for: 
    Depreciation on property, plant and 
     equipment                                     2,867          3,057      6,318 
    Amortisation of intangible assets              1,474          1,633      3,466 
    VAT credits                                        -        (1,730)    (2,427) 
    Exceptional item                                   -              -      (922) 
    Loss on disposal of fixed assets                   8              -        110 
    Net interest income charge                        72            137        159 
    Share-based payment charge                     1,026            886      1,730 
    Cash element of share-based 
     remuneration                                (1,028)          (703)      (725) 
----------------------------------------- 
Operating cashflows before movements 
 in corporate working capital                     28,454         28,625     62,426 
    Movement in inventories                         (53)             86        155 
    Movement in trade and other 
     receivables                                     993        (1,403)      3,712 
    Movement in contract assets                    (192)            182      (614) 
    Movement in contract liabilities               (197)          (109)        649 
    Movement in trade and other payables         (1,882)            181    (3,482) 
    Movement in lease liabilities                   (10)              -          - 
Cash generated by operations                      27,113         27,562     62,846 
Corporation tax paid                            (10,116)        (4,405)    (9,952) 
Finance charges paid                               (300)          (223)      (586) 
Cash generated from operating activities 
 (corporate)                                      16,697         22,934     52,308 
Movement in clients' cash and retailers' 
 deposits(35)                                        834          5,365      7,255 
Net cash from operating activities                17,531         28,299     59,563 
 
   16.    Post balance sheet events 
 
   There were no significant events occurring after the balance sheet date. 
 
   PRINCIPAL RISKS AND Uncertainties 
 
   Since the publication of the Annual Report, a further review of the key 
risks that could prevent PayPoint meeting its strategic objectives, its 
risk appetite and the risk management framework was undertaken. Key 
risks are highlighted below with changes in risk level denoted as 
follows Ü - risk level has not changed, Ý - risk level has 
increased and Þ risk level has reduced. 
 
 
 
 
Risk area        Potential impact                      Mitigation strategies                      Change 
---------------  ------------------------------------  -----------------------------------------  ------ 
Business 
                                                                                                    > 
  Innovation       The group could fail to               The group monitors technological 
  and market       adapt to changes in                   and consumer 
  changes          consumer behaviour or to              trends through its monthly 
                   commercialise and                     Strategy Committee and 
                   develop innovation that               twice-yearly Board strategy 
                   is scalable and meets                 reviews. The group is 
                   the requirements of clients           committed to continued research 
                   and retailers.                        and investment in 
                   The inability to implement            technology and products to 
                   new products and                      support its continued 
                   services effectively may              growth. Our product portfolio 
                   impact PayPoint's ability             and the progress of 
                   to drive growth and profitability.    new initiatives are reviewed 
                                                         at the monthly Product 
                                                         Committee that contains representatives 
                                                         from 
                                                         commercial, product, technology, 
                                                         finance and legal. 
                                                         PayPoint also has an active 
                                                         sales function and 
                                                         client teams which are incentivised 
                                                         to promote 
                                                         and sell PayPoint products 
                                                         and services 
                                                         in the regions in which PayPoint 
                                                         operates 
                                                         to expand its client and retailer 
                                                         base. 
                                                                                                    > 
  Culture          The strategic objectives              The PayPoint strategic objectives 
                   and values of the group               and values 
                   are focused on retailer               are defined and advocated 
                   and consumer-centric products         by the Executive 
                   and services. If employees            Board. These values are linked 
                   are not aligned with these            to strategic, 
                   objectives or empowered               team and individual employee 
                   to realise opportunities,             objectives and 
                   deliver performance or                performance appraisals. The 
                   mitigate risks this could             group's ethical 
                   lead to poor service quality,         principles are published on 
                   a loss in revenue, increased          its website and intranet. 
                   cost or failure by employees          A whistleblowing policy and 
                   to escalate concerns or               procedures are 
                   issues to senior management           published and a third-party 
                   and the Executive Board.              service is available for 
                                                         employees to report wrongdoing. 
                                                         The Retailer 
                                                         Pledge is published and all 
                                                         employees made 
                                                         aware of its requirements. 
                                                         Retailer and employee 
                                                         engagement surveys are used 
                                                         to measure 
                                                         satisfaction and identify 
                                                         areas of concern. 
                                                                                                    ^ 
  Dependence       The consolidation or loss             The group monitors client 
  on key           of major clients or multiple          and retailer concentration 
  clients          retailers could adversely             risk to ensure that no one 
  and retailers    affect revenue. Insolvency,           client or retailer accounts 
                   liquidation, administration           for a disproportionate share 
                   or receivership of retailers          of group net 
                   could lead to PayPoint                revenue. In addition, the 
                   being unable to recover               group continues to 
                   some or all the client                acquire new clients and retailers 
                   monies processed by the               to reduce reliance 
                   retailer.                             on existing sources of revenue. 
                   PayPoint would be liable              All major clients 
                   to account to those clients           are covered by specific contracts 
                   where PayPoint bears the              or agreements. 
                   risk of collection.                   Contract end dates and start 
                                                         of notice periods 
                                                         are scheduled and regularly 
                                                         reviewed by client 
                                                         management teams. Retail teams 
                                                         maintain 
                                                         and develop the relationship 
                                                         with retailers. 
                                                                                                    ^ 
  Competitor       Competitor activity in                Where there is concern that 
  activity         the market continues to               the competitor activity may 
                   evolve, with potential                be unlawful then PayPoint 
                   for PayPoint clients and              will challenge this through 
                   retailers to switch to                the Competition and Markets 
                   competitors.                          Authority. Appropriate terms 
                                                         are included in client and 
                                                         retailer contracts. Retailer 
                                                         engagement surveys are used 
                                                         to measure satisfaction and 
                                                         identify areas of concern. 
                                                                                                    > 
  Partners         Reliance on third parties             The group selects and negotiates 
  & suppliers      for the provision of key              agreements 
                   parts of the PayPoint services        with strategic suppliers and 
                   (e.g. payment service providers)      partners based on 
                   could lead to extended                criteria such as delivery 
                   outages if the supplier               assurance and reliability. 
                   fails to meet required                Single points of failure are 
                   SLAs or goes into administration.     avoided, where 
                                                         practicable and economically 
                                                         feasible. Controls 
                                                         are regularly reviewed and 
                                                         improved to minimise 
                                                         risk of retailer churn caused 
                                                         by financial loss to 
                                                         retailers through fraudulent 
                                                         third-party activity. 
                                                         Suppliers are selected on 
                                                         merit following tendering, 
                                                         procurement and due diligence 
                                                         processes. 
 
 
 
 
 
 
 
                                                                                                ^ 
  Interruptions       The group's ability to provide         Resilience is built into 
  in processes        reliable services                      systems and contingency 
  and systems         largely depends on the efficient       plans are in place should 
                      and uninterrupted                      systems fail. These plans 
                      operation of our computer              are exercised regularly. 
                      network systems,                       Programmes are in place 
                      financial settlement systems,          to remove technical debt 
                      data and call centres,                 and to automate manual processes. 
                      as well as maintaining sufficient      Payment files are automatically 
                      staffing levels.                       imported into settlement 
                      System or network interruptions,       systems. All payments are 
                      recovery from                          checked/authorised by nominated 
                      fraud or security incidents            signatories. Segregation 
                      or the unavailability of               is maintained between settlement 
                      key staff or management resulting      and corporate 
                      from a pandemic outbreak               accounts. Invoices are recorded 
                      could delay and disrupt our            and approved by authorised 
                      ability to develop, deliver            managers. Daily reconciliation 
                      or maintain our products               of client settlement accounts 
                      and services, causing harm             and weekly reconciliation 
                      to our business and reputation         of PayPoint corporate accounts 
                      and resulting in loss of               are carried out. Audited 
                      customers or revenue.                  controls for supplier and 
                                                             client account set-up are 
                                                             in place. A programme is 
                                                             in place to upgrade PayPoint's 
                                                             financial and back office 
                                                             systems. 
 
Operational 
 
Legislation         PayPoint is required to comply         The group's legal department         > 
 or regulatory       with relevant legal                    works closely with senior 
 reforms             and regulatory requirements.           managers to adopt strategies 
 and risk            Any breach of these                    to educate legislature, 
 of non-compliance   obligations could lead to              regulators, consumer and 
                     costly and damaging legal              privacy advocates and other 
                     or corrective actions to               stakeholders to support 
                     return to compliance, e.g.             the public policy debate, 
                     Health & Safety at Work Act,           where appropriate, to ensure 
                     Data Protection Act/GDPR,              regulation does not have 
                     Financial Conduct Authority            unintended consequences 
                     listing rules and requirements,        on the group's services. 
                     anti-money laundering legislation,     A central compliance department 
                     employment law. It could               co-ordinates all compliance 
                     also lead to the prosecution           monitoring and reporting. 
                     of individual company officers         Subsidiary managing and 
                     or employees.                          finance directors are required 
                                                            to sign annual compliance 
                                                            statements. 
                                                                                                > 
  Cyber security,     System or network interruptions,       PayPoint has established 
  data protection,    recovery from fraud or cyber           a Cyber Security 
  resilience          security incidents or poorly           and IT Sub-Committee to 
  and business        implemented change could               oversee 
  continuity          delay and disrupt our ability          cybersecurity and information 
                      to develop, deliver or maintain        technology 
                      our products and services,             matters pertaining to PayPoint. 
                      causing harm to our business           Service delivery is constantly 
                      and reputation and resulting           monitored with technical 
                      in loss of customers or revenue.       support teams in place to 
                      PayPoint's ability to provide          address service outages 
                      reliable and secure services           or errors. Contact Centre, 
                      largely depends on the availability    Service Management and Technical 
                      and uninterrupted operation            Services Helpdesk are in 
                      of its network of retailer             place to assist with and 
                      terminals, computer systems,           resolve issues. Client Management 
                      financial settlement and               and Retail Management teams 
                      key business processes.                are in place to interface 
                      Due to the heightened activity         with clients and retailers. 
                      in the external                        Resilient systems are in 
                      environment the level of               place across the group. 
                      risk has been increased.               Disaster recovery and business 
                                                             continuity plans are maintained 
                                                             and exercised regularly 
                                                             to ensure contingencies 
                                                             are in place in the case 
                                                             of failure. 
                                                                                                V 
  Attracting          Future success is substantially        Effective recruitment programmes 
  and retaining       dependent on the                       are ongoing 
  key talent          continued services and performance     across all business areas, 
                      of Executive                           as well as personal and 
                      Directors, senior management,          career development initiatives. 
                      competent and                          The executive management 
                      qualified personnel. The               reviews talent potential 
                      failure to attract the                 twice a year and retention 
                      right candidates, loss of              plans are put in place 
                      key personnel or failure               for individuals identified 
                      to adequately train employees          at risk of leaving. 
                      could damage                           Compensation and benefits 
                      the group's business or lead           programmes 
                      to non-compliance                      are competitive and reviewed 
                      with legal and regulatory              regularly. 
                      requirements. 
                                                                                                > 
  Brexit              The effect on inter-company            PayPoint has carried out 
                      relationships may                      an assessment of the 
                      be adversely affected by               impact of a no-deal Brexit 
                      the outcomes of the                    scenario and identified 
                      negotiations between the               key risks to its operating 
                      UK government                          model. Whilst no business 
                      and the other member countries         can mitigate against the 
                      during the                             impact of Brexit, actions 
                      UK's exit from the European            to reduce disruption in 
                      Union.                                 the short term are in place 
                                                             including building a buffer 
                                                             stock of PayPoint One terminals, 
                                                             maximising intercompany 
                                                             dividends and engaging with 
                                                             clients and suppliers determining 
                                                             their own readiness and 
                                                             impact assessments. 
 
 
 
   RESPONSIBILITY STATEMENT 
 
   We confirm that to the best of our knowledge: 
 
 
   1. the set of interim financial statements has been prepared in accordance 
      with IAS 34 Interim Financial Reporting; 
 
   2. the half yearly financial report includes a fair review of the 
      information required by DTR 4.2.7R (indication of important events during 
      the first half and description of principal risks and uncertainties for 
      the remaining half of the year); and 
 
   3. the half yearly financial report includes a fair review of the 
      information required by DTR 4.2.8R (disclosure of related parties' 
      transactions and changes therein). 
 
 
 
 
Nick Wiles           Rachel Kentleton 
 Executive Chairman   Finance Director 
 
 
 
 
   INDEPENT REVIEW REPORT TO PAYPOINT PLC 
 
   Conclusion 
 
   We have been engaged by the company to review the condensed set of 
financial statements in the half-yearly financial report for the six 
months ended 30 September 2019 which comprises the condensed 
consolidated statement of profit and loss, condensed consolidated 
statement of other comprehensive income, condensed consolidated 
statement of financial position, condensed consolidated statement of 
changes in equity, condensed consolidated statement of cash flows and 
the related explanatory notes. 
 
   Based on our review, nothing has come to our attention that causes us to 
believe that the condensed set of financial statements in the 
half-yearly financial report for the six months ended 30 September 2019 
is not prepared, in all material respects, in accordance with IAS 34 
Interim Financial Reporting as adopted by the EU and the Disclosure 
Guidance and Transparency Rules ("the DTR") of the UK's Financial 
Conduct Authority ("the UK FCA"). 
 
   Scope of review 
 
   We conducted our review in accordance with International Standard on 
Review Engagements (UK and Ireland) 2410 Review of Interim Financial 
Information Performed by the Independent Auditor of the Entity issued by 
the Auditing Practices Board for use in the UK.  A review of interim 
financial information consists of making enquiries, primarily of persons 
responsible for financial and accounting matters, and applying 
analytical and other review procedures.  We read the other information 
contained in the half-yearly financial report and consider whether it 
contains any apparent misstatements or material inconsistencies with the 
information in the condensed set of financial statements. 
 
   A review is substantially less in scope than an audit conducted in 
accordance with International Standards on Auditing (UK) and 
consequently does not enable us to obtain assurance that we would become 
aware of all significant matters that might be identified in an audit. 
Accordingly, we do not express an audit opinion. 
 
   The impact of uncertainties due to the UK exiting the European Union on 
our review 
 
   Uncertainties related to the effects of Brexit are relevant to 
understanding our review of the condensed financial statements. Brexit 
is one of the most significant economic events for the UK, and at the 
date of this report its effects are subject to unprecedented levels of 
uncertainty of outcomes, with the full range of possible effects 
unknown. An interim review cannot be expected to predict the unknowable 
factors or all possible future implications for a company and this is 
particularly the case in relation to Brexit. 
 
   Directors' responsibilities 
 
   The half-yearly financial report is the responsibility of, and has been 
approved by, the directors.  The directors are responsible for preparing 
the half-yearly financial report in accordance with the DTR of the UK 
FCA. 
 
   The annual financial statements of the group are prepared in accordance 
with International Financial Reporting Standards as adopted by the EU. 
The directors are responsible for preparing the condensed set of 
financial statements included in the half-yearly financial report in 
accordance with IAS 34 as adopted by the EU. 
 
   Our responsibility 
 
   Our responsibility is to express to the company a conclusion on the 
condensed set of financial statements in the half-yearly financial 
report based on our review. 
 
   The purpose of our review work and to whom we owe our responsibilities 
 
   This report is made solely to the company in accordance with the terms 
of our engagement to assist the company in meeting the requirements of 
the DTR of the UK FCA.  Our review has been undertaken so that we might 
state to the company those matters we are required to state to it in 
this report and for no other purpose.  To the fullest extent permitted 
by law, we do not accept or assume responsibility to anyone other than 
the company for our review work, for this report, or for the conclusions 
we have reached. 
 
   Michael Harper 
 
   for and on behalf of KPMG LLP 
 
   Chartered Accountants 
 
   15 Canada Square 
 
   Canary Wharf 
 
   London 
 
   E14 5GL 
 
   27 November 2019 
 
   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 15,000 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 over 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. 
 
   DIRECTORS & KEY CONTACTS 
 
 
 
 
Directors                           Nick Wiles** (Executive Chairman) 
                                     Patrick Headon (Chief Executive) 
                                     Rachel Kentleton (Finance Director) 
                                     Gillian Barr* 
                                     Giles Kerr* 
                                     Rakesh Sharma* 
                                     Ben Wishart* 
                                     * non-executive directors 
                                     ** non-executive Chairman to 30 September 
                                     2019 
Registered office                   1 The Boulevard 
                                     Shire Park 
                                     Welwyn Garden City 
                                     Hertfordshire 
                                     AL7 1EL 
                                     United Kingdom 
                                     Registered in England and Wales number 
                                     3581541 
Registrars                          Link Asset Services 
                                     34 Beckenham Road 
                                     Beckenham 
                                     Kent 
                                     BR3 4TU 
                                     United Kingdom 
Press and investor relations        Finsbury 
enquiries                            The Adelphi 
                                     1-11 John Adam Street 
                                     WC2N 6HT 
                                     United Kingdom 
 
Auditors                            KPMG LLP 
                                     15 Canada Square 
                                     Canary Wharf 
                                     London 
                                     E14 5GL 
                                     United Kingdom 
 
 
 
   (1) Net revenue is an alternative performance measure. Refer to note 4 
to the financial information for a reconciliation to revenue. 
 
   (2) Operating margin % is an alternative performance measure and is 
calculated by dividing operating profit by net revenue. 
 
   (3) Cash generation is an alternative performance measure. Refer to the 
financial review -- cash flow and liquidity for a reconciliation from 
profit before tax. 
 
   (4) Net corporate (debt)/cash represents cash and cash equivalents 
excluding cash recognised as clients' funds and retailers' deposits, 
less amounts borrowed under financing facilities (excluding IFRS 16 
liabilities). 
 
   (5) As at 25 November 2019. 
 
   (6) Net revenue of renewed clients divided by bill payments and top-ups 
net revenue for the last 12 months. 
 
   (7) Costs consist of GBP24.9m administration expenses, other cost of 
revenue GBP8.2m (Note 5) and net finance costs of GBP0.1m. 
 
   (8) Underlying profit excludes the impact of the one-off VAT benefit of 
GBP1.7 million and the GBP0.5 million Yodel renegotiation fee from the 
30 September 2018 reported result. 
 
   (9) Cash generation reflects operating cash flows including movements in 
working capital, but excluding movement in client and retailer deposits 
as detailed in note 15 to the interim financial statements. 
 
   (10) Underlying profit before tax represents profit before tax of 
GBP24.0 million compared to prior periods profit before tax of GBP25.3 
million after adjusting for the GBP1.7m one-off VAT benefit and GBP0.5 
million Yodel renegotiation fee. 
 
   (11) As at 25 November 2019. 
 
   (12) As at 25 November 2019 
 
   (13) 
https://www.globenewswire.com/Tracker?data=hktL_SXq7YIuyGJxDfDnC7MqSjN3o2oKYqUsDWJU1ImVdgBfH_1Fyxf_kzTqKXawAtodvjRGwhyXo0GSV_r4bNM9HwWAQwXwS0vBO_AGU-S5oCUzcf1bgk_1WefNhrVGdrFwjsvp2An_436mh8zBCBFhaSzrHhv9HBLHvgWgKi9aSlLAdab2BgntIBpbkEhhvCN0QjB0c-vC-Iq4Yb7FfC7zl9zOspkp9EDO5-CwCbsExyURqCnBUqtTYZwALQhKz2h6g7lz0GkG-T8Lu_OMy272PUZwBn6ZvuO8hqMyW6M= 
https://www.himshopper.com/latest-thoughts/article/convenience-market-trends-and-opportunitie/ 
 
 
   (14) ACS - The Local Shop Report 2019 
 
   (15) 
https://www.globenewswire.com/Tracker?data=hktL_SXq7YIuyGJxDfDnC5ncDMhaSVEHwr1lH6dFnIamk27TrTE24eyR8kF4vJSOI8B-Ntd-At2x_Umcj1bguAMGS9IZwZrB2muiri0Qiv0UnpF_LtHMHSemZcwfm6R42LzTu3n_9XOprlfXwYYQsEZMCXZfyQioLfL_wyIHSwBbLuThwVEQKpv3SaQ-FwphXCFHr-yAi3hzEzECtSmYgso1jCMN1iMQN48-q1IDq6PxDQ_lSb5ReGTBFx5pZHh7u-Ss4Pqz3nxeulUhuDySejAAEuVy3CNY6w4wA0LbpEdfC6YJ1BAqPdVc7Us98eof 
https://www.ukfinance.org.uk/wp-content/uploads/2017/12/Card-Expenditure-Statistics-October-2017.pdf 
- in the seven months to July 2019 
 
   (16) 
https://www.globenewswire.com/Tracker?data=hktL_SXq7YIuyGJxDfDnCzF1u-hCXts9NMqiBnyAlhFoN6olPFJlG7TM_dKGIPWw44Lb_YIGUjVRwnfFDZzB_WDKVTs5qVGQilY--m8dSygj376tibnIh7uhu8Nmbh9yFNYW1NQvOndEgu91UjezXkUtGsD1dGNlxjPXbo-5kEo= 
https://www.link.co.uk/about/statistics-and-trends/  - in the six months 
to September 2019 
 
   (17) 
https://www.globenewswire.com/Tracker?data=hktL_SXq7YIuyGJxDfDnCzF1u-hCXts9NMqiBnyAlhFmOo4PcNithQ9-HNcoHz_N8XzwfsESxN99FVB01Pkfqe36B_pcAMvDCO5xifV00RN-2e6Oajx-frV12tEigx89Wb_zTaHff4quvGmeyjaO4k81dS5Mc3BeZVpD-TSw0XJMUf5Tq2h7NMxbjYMnLDDhfHEFJ4op-zAsffrFJrMuSRyI-PM7xhmO8AW_S4rb_fE= 
https://www.link.co.uk/media/1418/atm-financial-inclusion-dashboard.pdf 
 
   (18) IMRG MetaPack UK Delivery Index Report September 2019 and IMRG 
Capgemini Sales index report September 2019 - over the eight months to 
August. 
 
   (19) 
https://www.conveniencestore.co.uk/news/click-and-collect-market-to-rise-45-over-next-five-years/576401.article 
 
 
   (20) 
https://www.globenewswire.com/Tracker?data=hktL_SXq7YIuyGJxDfDnC-EyLwrrDVyyuuk6mIy7SZrbsPjjKZEYr1ory6IkEsoEST4anrslh9q2-xAzsCrUkjsvWi8bOpTUlnM9mi9DTjS6EU49sicogags_UnGQjxop2TFslNDTg5FBMWjyyPMOLH5xUYA41JvUdbJkWDV5SZFcxUdWyECBOPiyPByVkgZXouZZ-cT8Rf_vdoGJEsOZzWEdhSyl98y58ebR9ElJk-GhdsxfoklNQcGa5tXSYdZnvcGdqKQRv1eZ8dxSdu6TEL75zif-gRiZW4Z1y1rmGBuhNZ32x-IXS0tJtFM8rS69a2VR2f2KI-1JboQnzi_uUPexQk06Ks6Yu0TciMHXsxl7k_ThYk_biRlOOR0-PK_VcUhPKp0Me57p8MGl6xi4yXi2A4reskLUjg2t9Zg_CY= 
https://www.mintel.com/press-centre/retail-press-centre/delivering-the-goods-british-courier-and-express-delivery-market-hit-12-6-billion-in-2018 
 
 
   (21) 
https://www.globenewswire.com/Tracker?data=hktL_SXq7YIuyGJxDfDnC3N2Q8MqqRWH4rPPdbWj-8k-S3cw21j64917bcM9klQRdHhZTsB8QAtdp4dTLAG3OzPxIwJTGw5qVaBox6s_LD1w7Qg526QK1RqCUvMuylrXZb7t1t7xeMbSJUh9KmokwaJiDfvLliCuaw-wv91f6QT_Zrmd3xUoaYp6UuLCz2RD3vPUf4IVrqvV3rilT1gIUA== 
https://www.ofgem.gov.uk/data-portal/retail-market-indicators 
 
   (22) Ofgem indicators -- from peak rollout in Q4 2017 
 
   (23) Department of Business, Energy & Industrial Strategy consultation 
on a 'Smart Meter Policy post 2020' 
 
   (24) 
https://www.globenewswire.com/Tracker?data=hktL_SXq7YIuyGJxDfDnC_hwm6ZW0VV9ec9l9cpbpEseuM4Dqyrgk6Rzq4gLw3CjntMlv01_E85e7OFbMy1ML5u2OUWx3a3LCBlhVtGCeCziv3M0fWI81-gBKHmrkDjdBO8JjtwfLW3M9Yb-WovNOo1wTg-sBUCpptmDOPSwTC0X3hEfu8Bk-bx1oWabc_sI5oUBQRtO6BLpFS49zyYWB_fsBIQYR7u_UawV1S4kDbTnGvS-gtSmiK5LhhT75BbFLso6uEtXTKhB39l9OGzGoTtaJWrBB-tsgTCJsGFcWouKmiXe9i-SmaSUuM3EobCy 
https://www.statista.com/statistics/273608/number-of-prepaid-mobile-subscriber-in-the-united-kingdom-uk/ 
 
 
   (25) Excludes retailers using the PPoS terminal and Multiple retailers 
using the legacy terminal. 
 
   (26) As at 25 November 2019. 
 
   (27) Annual churn rate 
 
   (28) Net revenue of renewed clients divided by UK bill payments and 
top-ups net revenue for the last 12 months. 
 
   (29) PayPoint One will replace the legacy terminal and is the platform 
from which we can grow our retail services by offering additional 
products and services. 
 
   (30) PPoS is a plug-in device and virtual PayPoint terminal used on 
larger retailers' own EPoS systems who still want to use PayPoint 
services. 
 
   (31) Ireland is included in the 2018 figures and in the 2019 figures up 
to 31 October 2018 when Ireland ceased operations. 
 
   (32) Operating margin % is an alternative performance measure and is 
calculated by dividing operating profit by net revenue. 
 
   (33) Effective tax rate is the tax cost as a percentage of profit before 
tax. 
 
   (34) Effective tax rate is the tax cost as a percentage of profit before 
tax. 
 
   (35) Items in the course of collection and settlement payables are 
included in this reconciliation on a net basis through the clients' 
funds and retailers' deposits line. The directors have included these 
items on a net basis to best reflect the operating cash flows of the 
business. 
 
 
 
   Attachment 
 
 
   -- Interim announcement Sept 2019 
      https://ml-eu.globenewswire.com/Resource/Download/fb96d9ea-e3a1-459e-8b87-b0b26042bc47 
 
 
 
 
 
 
 

(END) Dow Jones Newswires

November 28, 2019 02:00 ET (07:00 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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