Business
Results for the half year ended 30 September 2021
Results for the half year ended 30 September 2021.
About this update from Paypoint Plc
[{"type":"text","content":"\n \n \n Results for the half year ended 30 September 2021\n \n \n \n \n PayPoint P\n lc\n R\n esults for the \n half year ended\n 30 September \n 202\n 1\n \n \n A positive first half across the PayPoint Group \n in line with expectations\n , \n with\n early delivery from growth initiatives\n \n \n \n FINANCIAL HIGHLIGHTS\n \n \n \n Net revenue1 from continuing operations of £56.1 million (H1 FY21: £46.4 million from continuing operations) increased by £9.7 million (20.9%), driven by a proactive recovery from the prior year impacts of Covid-19, a positive contribution from Handepay/Merchant Rentals and supported by the acquisitions of i-movo and RSM 2000\n Profit before tax from continuing operations excluding exceptional items of £21.9 million2 (H1 FY21: £16.8 million) increased by £5.1 million (30.0%)\n Disposal of Romanian business completed on 8 April 2021, delivering a profit before tax from the discontinued operation of £30.0 million with final cash proceeds net of disposal costs of £47.6 million\n Acquisition of RSM 2000 completed on 12 April 2021 for an initial cash consideration of £5.9 million, with £1.0 million deferred, enhancing our digital payments capability, adding innovative mobile payment products and enabling further reach into new and existing sectors, including charities, housing, not-for-profit organisations, events and SMEs in the UK\n Investment in Snappy Group made on 7 July 2021 for cash consideration of £6.7 million, positioning us to take advantage of the rapid growth in consumer demand for local home delivery seen over the past 18 months\n Total costs3 from continuing operations (which excludes exceptional items) of £34.2 million (H1 FY21: £29.6 million from continuing operations) increased by £4.6 million (15.5%) mainly due to the £7.1m additional cost base in relation to the newly acquired businesses partially offset by £1.5m reductions in operational costs and £1.0 million of one off acquisition costs in FY21\n Net corporate debt4 of £36.5 million (H1 FY21: £6.1 million) reflects corporate cash balances of £7.2 million less borrowings of £43.7 million. Net corporate debt reduced by £31.7 million since the end of the prior year as the proceeds received on sale of the Romanian business were used to repay the majority of the revolving credit facility\n Increased ordinary interim dividend of 17.0 pen...