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Paypoint drops dividend, sees increased activity

The company expects progress in profits for the year to 31 March but outlook for the new period is unclear

Paypoint  - Paypoint drops dividend, sees increased activity

Paypoint PLC (LON:PAY) has suspended the dividend though it has seen areas of “increased activity” across its network as consumers make more energy top-ups.

The bill payments service provider continues to operate with remote working and “essential” office-based activity.

READ: Paypoint trims expectations after mild Christmas affects energy transactions

The FTSE 250-listed firm said “progress will be made in profit before tax and exceptional items” for the financial year ending 31 March.

However, the outlook for next year remains unclear.

The business may be hit by a waiver on utility bills implemented by the government to help households, while its initiative to boost parcel services may suffer and not be enough to offset the loss of the British Gas contract.

As at 31 December, Paypoint had net debt of £13.3mln while it has drawn a £70mln revolving credit facility to cope with disruption.

Shares advanced 5% to 468.5p on Thursday afternoon.

Quick facts: Paypoint

Price: 590 GBX

LSE:PAY
Market: LSE
Market Cap: £405.03 m
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