Payzone release results showing over €8 million gross profit

Accounts for 12 months up to 30 September 2012 show 47% increase in operating profit



12 July 2013

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Payzone Ireland Limited (Payzone) has reported an increase in profit for the 12 month period ended 30 September 2012 in accounts recently filed with the Companies Registration Office (CRO). Gross profit was €8.5 million compared to €7.3 million in the previous year, whilst operating profit, excluding exceptional items, was up 47% to €2.9 million, from €2 million in 2011. Turnover for the period was down 5% from €234.3 million in 2011 to €222.1 million in the 12 months under review.

Payzone is Ireland’s largest consumer payments network with over 2,000 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 and pre-paid utility cards. The company employs almost 100 people in its Sandyford head office.

Commenting on the successful performance for the year, Jim Deignan, managing director, Payzone Ireland said the most notable aspect of the business was the continued diversification into new areas of electronic customer payments. "Traditionally mobile top-ups would have accounted for close to 100% of our turnover, but this has gradually dropped to the point where mobile top-ups now account for around 50% of turnover with the balance coming from new business sources in the public and private sectors.

"Our retail outlets are located in convenience stores and independent retailers throughout the country offering extended opening hours at weekends and evenings thus providing convenient, cost effective and secure payments services ideally suited for a range of applications. Earlier this year Payzone was appointed an approved Payment Service Provider by Revenue Commissioners for the collection of cash payments of the local property tax (LPT) demonstrating the convenience and secure advantages of our network," he said.

Payzone processes over 50 million transactions in Ireland annually in retail, online and mobile phone payments. "Solutions akin to the Leap Card, developed around international transport systems, are evolving rapidly, and we believe Payzone is well placed to lead the development in the Irish market," said Deignan. "We are also increasingly involved with local authorities in providing mobile solutions for parking charges."



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