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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Paypoint Plc | LSE:PAY | London | Ordinary Share | GB00B02QND93 | ORD 1/3P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1.00 | 0.19% | 528.00 | 524.00 | 529.00 | 528.00 | 522.00 | 522.00 | 9,106 | 11:34:54 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Adjustment & Collection Svcs | 167.72M | 34.71M | 0.4776 | 11.06 | 383.74M |
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PayPoint plc (the 'Company')
21 June 2017
Publication of Annual Report and Notice of 2017 Annual General Meeting
The Company has today published its Annual Report and Financial
Statements for the year ended 31 March 2017 ('2017 Annual Report') on
its website www.paypoint.com
In accordance with Listing Rule 9.6.1, the 2017 Annual Report and notice
of Annual General Meeting will shortly be available for public
inspection on the National Storage Mechanism (NSM) - Morningstar
(www.morningstar.co.uk/uk/nsm ).
The Company will hold its 2017 Annual General Meeting on Wednesday, 26
July 2017 at 12 noon at the offices of Canaccord Genuity, 88 Wood Street,
London EC2V 7QR.
In addition, following the release on 25 May 2017 of the Company's
preliminary results for the year ended 31 March 2017, which are also
available at www.paypoint.com, the Company makes the following
additional disclosure in compliance with Rule 6.3.5 of the Disclosure
and Transparency Rules of the UK Financial Conduct Authority. Together
these constitute the information required to be communicated to the
media in unedited full text through a Regulatory Information Service.
This information is not a substitute for reading the full 2017 Annual
Report and Financial Statements.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the
financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for
each financial year. Under that law, the directors are required to
prepare the Group financial statements in accordance with International
Financial Reporting Standards (IFRS) as adopted by the European Union
(EU) and Article 4 of the International Accounting Standard (IAS)
Regulation and have also chosen to prepare the parent company financial
statements under IFRS as adopted by the EU. Under company law, the
directors must not approve the accounts unless they are satisfied that
they give a true and fair view of the state of affairs of the Company
and of the profit or loss of the Company for that period. In preparing
these financial statements, International Accounting Standard 1 requires
that directors:
- properly select and apply accounting policies;
- present information, including accounting policies, in a manner that
provides relevant, reliable, comparable and understandable information;
- provide additional disclosures when compliance with the specific
requirements in IFRS are insufficient to enable users to understand the
impact of particular transactions, other events and conditions on the
entity's financial position and financial performance; and
- make an assessment of the Company's ability to continue as a going
concern.
The directors are responsible for keeping adequate accounting records
that are sufficient to show and explain the Company's transactions and
disclose with reasonable accuracy at any time the financial position of
the Company and enable them to ensure that the financial statements
comply with the Companies Act 2006. They are also responsible for
safeguarding the assets of the Company and hence for taking reasonable
steps for the prevention and detection of fraud and other
irregularities.
The directors are responsible for the maintenance and integrity of the
corporate and financial information included on the Company's website.
Legislation in the United Kingdom governing the preparation and
dissemination of financial statements may differ from legislation in
other jurisdictions.
Responsibility statement
We confirm that to the best of our knowledge:
- the financial statements, prepared in accordance with IFRS, give a
true and fair view of the assets, liabilities, financial position and
profit or loss of the Company and the undertakings included in the
consolidation taken as a whole;
- the strategic report includes a fair review of the development and
performance of the business and the position of the Company and the
undertakings included in the consolidation taken as a whole, together
with a description of the principal risks and uncertainties that they
face; and
- the annual report and financial statements, taken as a whole, are fair,
balanced and understandable and provide the information necessary for
shareholders to assess the Company's performance, business model and
strategy.
The Annual Report on pages 1 - 67 was approved by the Board of Directors
and authorised for issue on 25 May 2017 and signed on behalf of the
Board by:
Nick Wiles, Chairman
Dominic Taylor, Chief Executive
Risks and uncertainties
Risk area Potential impact Mitigation strategies
Cyber, technology & process and Fraud
Loss or inappropriate usage of data The Group's business requires the appropriate and The Group has established physical security controls
secure use of consumer and other sensitive information. at its data centres and rigorous cyber security, anti-fraud
Electronic commerce requires the secure transmission and whistleblowing standards, procedures, and recruitment
of confidential information over public networks. and training schemes, which are embedded throughout
Increasingly, internal systems make use of third party its business operations. The Group also screens new
hosted services (cloud services) and several of our employees carefully. Continued investments are made
products are accessed through the internet. Fraudulent in cyber security, including the significant use of
activity, cyber-crime or security breaches in connection data and communications encryption technology, improvements
with maintaining data and the delivery of our products in e-mail and web filtering and testing and removal
and services could harm our reputation, business and of system vulnerabilities. We have also developed
operating results. plans for responding to a breach of security.
Interruptions in business processes or systems The Group's ability to provide reliable services largely Comprehensive business continuity plans and incident
depends on the efficient and uninterrupted operation management programmes are maintained to minimise business
of our computer network systems, financial settlement and operational disruptions, including fraudulent
systems, data and call centres, as well as maintaining activity, system failure or pandemic incidents. Support
sufficient staffing levels. System or network interruptions, arrangements have been established with third party
recovery from fraud or security incidents or the unavailability vendors and there are strict standards, procedures
of key staff or management resulting from a pandemic and training schemes for business continuity.
outbreak could delay and disrupt our ability to develop,
deliver or maintain our products and services, causing
harm to our business and reputation and resulting
in loss of customers or revenue.
Clients, agents & other third parties
Dependence upon third parties to provide data and The Group's business model is dependent upon third The Group selects and negotiates agreements with strategic
certain operational services parties to provide operational services, the loss suppliers and agents based on criteria such as delivery
of which could significantly impact the quality of assurance and reliability. Single points of failure
our services. Similarly, if one of our outsource providers, are avoided, where practicable and economically feasible.
including third parties with whom we have strategic Controls are regularly reviewed and improved to minimise
relationships, were to experience financial or operational risk of retailer churn caused by financial loss to
difficulties, their services to us would suffer or retailers through fraudulent third party activity.
they may no longer be able to provide services to
us at all, significantly impacting delivery of our
products or services.
Consolidation among Consolidation of retailers and clients could result The Group monitors client and retailer concentration
clients and markets in reductions in the Group's revenue and profits through risk to ensure that no one client or retailer accounts
price compression from combined service agreements for a disproportionate share of the Group's net revenue.
or through a reduced number of clients. In addition, the Group continues to acquire new clients
and retailers to reduce reliance on existing sources
of revenue.
Legal, regulatory & compliance
Legislation or regulatory reforms and risk of The Group is largely unregulated by financial services The Group's legal department works closely with senior
non-compliance regulations, although in the UK we have Payment Institution management to adopt strategies
status (through PayPoint Payment Services Limited), to educate legislature, regulators, consumer and privacy
which enables the provision of regulated payment services, advocates and other stakeholders to support the public
under the Payment Services policy debate, where appropriate, to ensure regulation
Regulations 2009, including certain CashOut services. does not have unintended consequences over the Group's
The Group's agents which offer money transfer on behalf services. The Group has in place a business ethics
of third party clients are licensed as Money Service policy which requires compliance with local legislation
Businesses by HMRC. We are subject to Payment Card in all the territories in which the Group operates.
Industry Data Security Standards regulated by the A central compliance department co-ordinates all compliance
card schemes. Regulatory reform could increase the monitoring and reporting.
cost of the Group's operations or deny access to certain Subsidiary managing and finance directors are required
territories in the provision of certain services. to sign annual compliance statements. A review is
Non-compliance with law, regulation, privacy or information underway to ensure that the Group is compliant with
security laws could have serious implications in cost the requirements of the General Data Protection Regulations
and reputational damage to the Group. prior to the May 2018 deadline.
Materially adverse The Group contracts with a number of large service The Group seeks to limit exposure in its contracts.
litigation organisations for which it provides services essential Mitigating actions are taken where contractual exposures
to their customers. Failure to perform in accordance are above the norm, including insurance coverage,
with contractual terms could give rise to litigation. where appropriate and economically sustainable.
Loss or infringement of The Group's success depends, in part, upon proprietary The Group, where appropriate and feasible, relies
intellectual property rights technology and related intellectual property rights. upon a combination of patent, copyright, trademark
Some protection can be achieved but in many cases, and trade secret laws, as well as various contractual
little protection can be secured. Third parties may restrictions, to protect our proprietary technology
claim that the Group is infringing their intellectual and continues to monitor this situation. The Group
property rights or our intellectual property rights also defends vigorously all third party infringement
could be infringed by third parties. If we do not claims.
enforce or defend the Group's intellectual property
rights successfully, our competitive position may
suffer, which could harm our operating results.
HR/Personnel
Dependence on recruitment and retention of highly The ability of the Group to meet the demands of the Effective recruitment programmes are on-going across
skilled personnel market and compete effectively is, to a large extent, all business areas, as well as personal and career
dependent on the skills, experience and performance development initiatives.
of its personnel. Demand is high for individuals with The executive management reviews talent potential
appropriate knowledge and experience in payments, twice a year and retention plans are put in place
IT and support services. The inability to attract, for individuals identified at risk of leaving. Compensation
motivate or retain key talent could have a serious and benefits programmes are competitive and also reviewed
consequence on the Group's ability to service client regularly.
commitments and grow our business.
Economic Growth
Brexit The effect on inter-company transactions and the Group's Due to the current uncertainties with the Brexit negotiations
international expansion plans may be adversely affected the Group is still considering appropriate mitigation
by the outcomes of the negotiations between the UK strategies.
government and the other member countries during the However, the bulk of the Group's operations and revenues
UK's exit from the European Union. are UK-based. Romania and Ireland will remain within
the EU and are unlikely to be significantly affected
by Brexit.
Foreign exchange As the Group operates in Romania and Ireland, it is The Group's financial risk management seeks to minimise
fluctuations exposed to the risk of currency fluctuations and the potentially adverse effects on the
unpredictability of financial markets in which it Group's financial performance.
operates.
Product/project management
Technological changes The Group operates in a number of geographic, product The Group is committed to continued research and investment
and increasing competition and service markets that are highly competitive and in new data sources, people, technology and products
subject to rapid technological changes, for example to support its strategic plan. IT development resource
the introduction of smart meters, new payment solutions is directed at a Group level and developments are
and the movement of UK consumers away from cash payments. in hand to ensure the Group has relevant products
Competitors may develop products and services that in place to meet the demands brought about by changing
are superior to ours or that achieve greater market technology. For smart meters, MultiPay has been launched.
acceptance than our products and services, which could
result in the loss of clients, merchants and retailers
or a reduction in revenue.
- ends -
Enquiries:
Susan Court
Company Secretary, PayPoint plc
Tel: +44 (0)1707 600300
ABOUT PAYPOINT
We operate market leading national networks across 40,400 convenience
stores in the UK and Romania so that our customers are always close to a
PayPoint store. At these locations, as well as at home or on the move,
people use us to better control their household finances, make
essential payments and use in-store services, like parcel drop and
collect.
Our UK network contains more branches than all banks, supermarkets and
Post Offices together, putting us at the heart of communities for over
10 million regular weekly customers.
We have a proven track record of decades of tech-led innovation,
providing retailers with tools that attract customers into their shops.
Our recently launched PayPoint One platform offers EPoS, card payments
and PayPoint services, and is designed to help retailers run their whole
store from one device.
Coupled with our industry-technology solutions, we provide a first class
service to the customers of over 1,500 clients - utility companies,
retailers, transport firms, mobile phone providers, government and more.
We are on and offline; providing for payments by cash, card including
contactless; retail, phone and digital; at home, work and whilst out and
about from Land's End to the Highlands and Islands - helping to keep
modern life moving.
Multichannel payments
MultiPay is our multichannel payment service, offering consumer service
providers a ready-made solution for their full range of payments via app,
web, phone, text and IVR, complementing our cash in store services.
Clients benefit from streamlining their consumer payment processing and
transaction routing in a seamlessly integrated and cost effective
solution. The services are available either as a full portfolio or by
the client's choice of preferred channels, including our app which has a
4 star rating on the Google Play and Apple App Stores. Clients can
choose to access our services as a full outsourced model or by linking
their own digital solutions to our MultiPay payment suite.
MultiPay is particularly targeted to serve the rollout of smart meters
within the energy market. For example, our service has helped Utilita to
become the fastest growing, challenger prepay energy supplier and we
have also signed several other energy companies, including SSE, our
first Big 6 energy client. Among other relevant sectors, MultiPay is
available to the local authority and social housing sectors through a
framework with Procurement for Housing.
Retail networks
In the UK, our network includes over 29,200 local shops including Co-op,
Spar, Sainsbury's Local, Tesco Express and thousands of independent
outlets. These outlets are quick and convenient places to make energy
meter prepayments, bill payments, benefit payments, mobile phone top-ups,
transport ticket payments, TV licence payments, cash withdrawals and
more.
Our Romanian network continues to grow profitably. We have more than
11,300 local shops, helping people to make cash bill payments, money
transfers, road tax payments and mobile phone top-ups. Our clients
include all the major utilities and telcos and many other consumer
service companies.
In the UK, our Collect+ network offers parcel collection and return
services in over 6,100 convenient outlets. Customers use Collect+ for
their parcels from major retailers including Amazon, eBay, ASOS, New
Look, John Lewis, House of Fraser, M&S and Very. The Collect+ brand is
jointly owned with Yodel.
The UK network also includes over 4,100 LINK branded ATMs, and 10,000 of
our terminals enable retailers to accept debit, credit and contactless
payments, including Apple Pay. We operate over 4,100 Western Union
agencies in the UK and Romania for international and domestic money
transfers.
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: PayPoint plc via Globenewswire
http://www.paypoint.co.uk/default.htm
(END) Dow Jones Newswires
June 21, 2017 03:54 ET (07:54 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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