Parcel services have helped deliver a strong year for PayPoint.
In its preliminary results for the 52 weeks to 31 March 2014, transactions for the Collect+ service rose 76.4% to 13.6 million, up from 7.7 million in the previous year with the number of outlets increasing to 5,600. This is the first time the service has returned a profit for PayPoint and its operating partner Yodel.
Chief executive Dominic Taylor said PayPoint would continue to grow the service with an “ultimate goal of providing a larger parcel network than the Post Office”.
Net revenue for its retail network also increased 6% for the year which was driven by the expansion of the network.
PayPoint’s mobile and online services saw transaction numbers increase by 44.7% and 8.7% respectively.
Taylor said: “The sector continues to benefit from substantial investment in premises and upgraded product ranges. PayPoint sits at the core of this transformation as the principal innovator of in-store payments and services, to local communities.
“We have continued to improve technology in store by the introduction of PayPoint Point of Sale, the software version of our terminal on retailers’ till systems, notably to the Co-Operative Group and by placing broadband connected terminals which process transactions more quickly.”