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Profits At Payzone Rise 8.6% Despite 3.8% Drop In Sales

Electronic payments business Payzone saw its profits reach €6.3 million in the 12 months from September 30 last year, according to the Irish Independent.

This represents an increase of 8.6% on the €5.8 million profits recorded for 2017 and comes despite a fall in sales.

Payzone reported that its sales fell by 3.8% from €155.1 million in its 2016 fiscal year to €149.2 million last year.

Evolving

Jim Deignan, the group’s CEO, said that the results highlight Payzone’s “evolving nature” as the company’s revenue base moves more towards consumer-facing activities.

"Our core business continued to perform well in 2017, enabling us to invest in further development activities to support our ongoing strategy," Mr Deignan said.

"As consumers continue to conduct increasing levels of transactions electronically, Payzone is really well positioned to provide an effective portfolio of customised payment solutions that deliver real value."

Payzone were greatly helped last year by the acquisitions of the two payment platform businesses EasyPaymentsPlus and MyEasyPay, and Duignan says that they are now “integrated into our business and gaining traction."

The Irish consumer payment network has over 3,000 branded retail agents which process a variety of electronic transactions services, including mobile phone top-ups, debit/credit card transactions, M50 motorway toll payments, Leap travel cards, local property tax payments, parking fees, pre-paid utility and parcel collection services.

The company employs over 80 people based in its Sandyford head office in Dublin.

© 2018 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click subscribe to sign up for the Checkout print edition. 

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