Payzone’s 2016 financial results reflect brand diversification

Payzone, the in-store payment service provider with more than 11,000 points-of-sale across the country, has reported sales of €155.1 million for the 12-month period ended 30 September 2016, down 5% from €162.9 million in the previous financial year.

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18 August 2017 | 0

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Payzone has published its annual result for 2016, which show sales of €155.1 million for the payment services provider in the 12-month period ended 30 September 2016. This total represents a drop of 5% from the previous financial year’s sales, which totaled €162.9 million.

Jim Deignan, chief executive, Payzone Ireland said that the 2016 financial results reflect the ongoing diversification of the company’s revenue base. “As expected, the reduction in mobile top-up sales continued,” Deignan said of the 2016 results, “which in turn affected gross turnover figures.

“However,” he continued, “the business performance 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 are part of Payzone’s development of its customised payments solutions business. Online transactions now account for 12% of total Payzone transactions, making it one of the fastest growing sectors of the business during 2016.

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.

Looking to the future, Deignan said that with the support of parent company 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 acquisitions of EasyPaymentsPlus and MyEasyPaybusinesses,” 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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