Payzone Continues Diversification As Top-Up Sales Dip
Published on Aug 15 2017 10:43 AM
Payzone Ireland Limited (Payzone) has published its financial results for the 12-month period ending 30 September 2016, reporting sales of €155.1 million, a decrease of 5% from the €162.9 million in the previous financial year.
The accounts filed with the Companies Registration Office (CRO) also show an operating profit of €5.8 million for the period, an increase on the year before which showed profit of €5.3 million.
Jim Deignan, chief executive of Payzone Ireland, said that the 2016 financial results reflect the ongoing diversification of the company’s revenue base: “During 2016, as expected, the reduction in mobile top-up sales continued, affecting gross turnover figures.
“However, the business performance, in terms of operating profit, was strong as we diversified further into customised payments solutions. Our deep knowledge of the e-payments industry, together with our technical expertise, means we are well placed to adapt quickly to developments in the marketplace.
“Payzone’s recent acquisition of the EasyPaymentsPlus and MyEasyPay payment platform businesses demonstrates our continued development of the customised payments solutions business,” Deignan continued.
“As consumers conduct more transactions electronically we have seen an increase in online transactions, which now account for 12% of total Payzone transactions. This was one of the fastest growing sectors of the business during 2016,” he said.
Payzone is Ireland’s largest provider of multi-channel consumer payments, with a network of 11,500 points of sale across over 7,500 agents. It processes over 90 million transactions annually across a variety of services, including mobile phone top ups, debit/credit card transactions, M50 motorway toll payments, Leap travel cards, parking fees, pre-paid utility and parcel collection services.
In April 2015, Payzone was acquired by Carlyle Cardinal Ireland (CCI), the Irish private equity fund founded by The Carlyle Group and Cardinal Capital Group. The company employs over 70 people based in its Sandyford head office in Dublin.
Commenting on the future of the business, Mr Deignan said that with the support of CCI, Payzone planned to continue diversifying into a wider range of e-payment solutions and channels. “We will continue to look for further growth opportunities following the successful acquisition ofEasyPaymentsPlus and MyEasyPay payment platform businesses,” he said.
“Our objective is to drive greater efficiency for clients and increased revenues for our retail partners through the delivery of innovative e-payment services, with a renewed focus on consumer payment solutions.”
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