News

British company entering ATM arena, with plans for 2,000 machines

December 7, 2004

The Guardian: PayPoint, which collects cash for British utilities, reported its first results as a listed company, with revenues rising by a third to £16.5 million (U.S. $31.8 million) in the first half of its financial year. However, £4.3 million (U.S. $8.2 million) of costs from its September flotation cut pre-tax profits to £312,000 (U.S. $601,000), compared with £1.2 million (U.S. $2.3 million) in the same period of 2003.

The company has machines in 14,600 outlets around the country that allow customers to pay bills and taxes, top up mobile phones and buy bus tickets. Transactions rose 29 percent to 112 million in the first half of 2004. Mobile top-ups grew 42 percent to 42.2 million.

PayPoint is installing 50 ATMs a month, leveraging its relationships with retailers. It plans 2,000 ATMs in all, charging £1.50 (U.S. $2.89) per cash withdrawal.

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