PayPoint plc Half yearly financial report for the 6 months ended 30 September 2015 <Origin Href="QuoteRef">PAYP.L</Origin>
26/11/2015 07:10
PayPoint plc
Half yearly financial report
for the 6 months ended 30 September 2015
SUMMARY
6 months ended 30 September 2015 6 months ended 30 September 2014 Increase/ (decrease)
Revenue £102.8m £104.3m (1.4)%
Net revenue 1 £59.3m £57.9m 2.4%
Gross margin 49.6% 48.0% 1.6ppts
Operating profit before goodwill impairment 2 £21.3m £22.4m (5.0)%
Adjusted earnings per share 3 24.8p 26.0p (4.6)%
Interim dividend per share 14.2p 12.4p 14.5%
Cash at period end (comparative 31 March 2015) £46.1m £43.9m 4.9%
Good progress in our strategic priorities
* Sales success in multi-channel payment solution, including first big six
energy client and a framework agreement with a housing consortium for rent
collection
* New tablet based retail terminal, which builds new functionality (to include
EPoS) now in pilot phase
* Reorganising to improve cost efficiency and provide better strategic focus
* Active review of new countries with retail network potential
* Potential beyond current verticals enabled by new retail technology
* Discussions continue with Yodel on Collect+, with reduced profitability from
cost increases
* Sale of Mobile and Online businesses expected to complete in the second half
of the financial year
Financial results
* Overall results for the first half are in line with our expectations, but
weather warmer than expected
* Net revenue up 3.5% in retail networks
* Operating profits 2 decreased by 5.0% as expected, from investment in Mobile
and lower revenues in Online Payments
* Online Payments goodwill impairment of £18.2 million as offers have not met
expectations
* Robust balance sheet with cash of £46.1 million and undrawn credit facility
of £45 million
* Increase in interim dividend by 14.5% to 14.2p
Operations
* Record first half group transaction volumes at 399 million, up 6.9%
* Romanian bill payment transactions grew 15.6%
* Total retail network sites increased to 38,000 and Collect+ to 6,000 going
into Christmas peak
* Mobile and Online transactions up 22.2% to 85.9 million
Dominic Taylor, Chief Executive, said: "In the first half of the year, I am
pleased to report further progress in the delivery of the strategy we outlined
last year. We have leveraged our unique business model to secure the best
client offering and drive growth in our retail services through innovation in
new products and technology. We continued to seek new international
opportunities. Overall the results are in line with our expectations for the
first half, with the performance from retail networks offset by losses in
Mobile and Online Payments, which we expect to sell in the second half of this
financial year as announced in May this year. Offers on the Online Payments
business have not met expectations and accordingly, we have impaired the
entire goodwill on this business.
Looking ahead to the second half, we expect to conclude current Collect+
joint venture discussions with our partner Yodel and complete the sale of our
Mobile and Online businesses. Overall, we expect to make further progress
across the business, with trading since 30 September in line with our
expectations. Our dividend increase anticipates double digit growth in the
dividend for the year as a whole and reflects our confidence in the business
and its long term prospects."
1Net revenue is revenue less the cost of mobile top-ups (where PayPoint is
principal), SIM cards and other costs incurred by PayPoint, which are
recharged to clients and merchants. These other costs include retail agent
commission, card payment merchant service charges and costs for the provision
of call centres for PayByPhone clients.2Operating profit before goodwill
impairment includes our share of joint venture results.3Adjusted earnings per
share are stated before the £18.2m impairment of goodwill in the Online
Payment business.
Net revenue, operating profit before goodwill impairment and adjusted
earnings per share are measures the directors believe will assist with a
better understanding of the underlying performance of the group
Management report
This management report has been prepared solely to provide additional
information to shareholders as a body to assess PayPoint's half year results
and it should not be relied upon for any other purpose. It contains
forward-looking statements made by the directors in good faith based on the
information available at the time of approval of the half yearly financial
report. Such statements should be treated with caution due to the inherent
uncertainties, including both economic and business risk factors, underlying
any such forward looking statements.
PayPoint processes consumer transactions and as such, has only one operating
segment. However, we include an analysis of the number and value of consumer
transactions, revenue and net revenue by product and an analysis of our
networks to help to explain our performance and strategy.
Growth opportunities include: provision of single solution, multi-channel
payments and services to new and existing clients; the extension of services
in each payment channel across our existing and prospective clients, new and
existing client development and retail services in the UK and Romanian retail
networks; the expansion of these retail networks; building and developing our
parcel services. There are also opportunities to extend our services into
other countries.
The channel and product analysis is as follows:
Retail Payments and Services:
Bill and general (prepaid energy, bills and cash out services)
Top-ups (mobile, e-money vouchers, prepaid debit cards and lottery)
Retail services (ATM, debit/credit, money transfer, SIMs, broadband, receipt
advertising, charges for failed direct debits and paper invoicing)
Parcel services
In addition, fees for early settlement, development and set up are attributed
to the client, to which they are billed and included above in the relevant
categories.
Mobile and Online:
Parking, permits, tolling, ticketing, bicycle rental transactions, consumer
transactions with merchants, pre-authorisations, optimisation of
authorisations, Payment Card Industry solutions, fraud management, where
separately charged, hosted and mobile solutions and real time management
reporting.
Operational review
Net revenue increased by 2.4% over the prior period to £59.3 million (2014:
£57.9 million), on revenues of £102.8 million, with transaction volume up by
25.6 million transactions to 399.0 million (2014: 373.4 million) and
transaction value up to £7.2 billion (2014: £7.1 billion). Net revenue
growth from bill and general payments, top-ups and retail services exceeded
revenue growth. Mobile top-up decline has a greater impact on revenue than
net revenue, particularly where PayPoint is principal. The costs of
restructuring the business earlier in the year are included in the first half
together with professional fees incurred towards the sale of the Mobile and
Online businesses (together £0.7 million). We expect cost increases to be
lower in the second half. We are also implementing a programme in the UK to
re-engineer processes and systems to drive efficiency and ensure we maximise
opportunities for our new products and services. Adjusted earnings per share
1 decreased by 5.8% as a consequence of the loss in Mobile and Online pending
their sale, the costs incurred in the sales process, the reorganisation costs
incurred in the first half and the increase in the tax rate.
Our retail networks produced net revenue growth of 3.5%. In the UK, there
were 1.2% fewer prepaid energy transactions than last year. In particular,
the number of prepay electricity transactions was lower than last year as
consumer demand appears to have reduced. In Romania, bill payment
transactions have grown 15.6%, as we continued to add new clients and increase
our market share. Retail services transaction growth was 21.2% and net
revenues were £15.1 million, up 16.2% (2014: £13.0 million).
In the UK, mobile top-up transaction volumes have continued to decline,
whereas in Romania, we have increased the volume of transactions. Mobile
top-ups accounted for £7.3 million (2014: £7.4 million), which is 12.3% of
total net revenues (2014: 12.7%).
We are excited by the new technology, products and services which will drive
growth, particularly the launch of our third generation terminal which will
provide the platform for further retail innovation. We have developed a
multi-channel product in UK retail, aimed at addressing the payment challenges
faced by utilities, as a result of the UK Government mandated change to smart
meters by 2020, which builds on our existing online payment solutions for
prepayment meters. This product has already been sold to six clients in the
energy sector including our first big six energy client and has attracted
interest from other sectors, including housing.
In Collect+, our joint venture with Yodel, the number of transactions
increased by 18.1% to 9.9 million (2014: 8.4 million). Collect+ ranks number
1 both in customer satisfaction and customer recommendation to friends and
colleagues (source:YouGov BrandIndex). Since the period end, the number of
sites has increased to 6,000, ahead of the Christmas peak . We continue to
discuss the future of the joint venture with Yodel and the proposed increases
in charges put forward by Yodel. A portion of these charges has been allowed
pending the outcome of discussion, which has caused the adverse impact on
profitability in Collect+. We expect to be able to report on the conclusion
of these discussions by the time of the full year results announcement.
We have made substantial progress with the sale of Mobile, which we expect to
complete before the end of the current financial year, as announced last year
end. Offers made for the Online Payments business have not met expectations
but reflect the potential buyer's uncertainty of the business' success with
new products, which are at an early stage of their lifecycle. In view of the
uncertainty of the eventual outcome, management have recorded an impairment of
all the goodwill in the Online Payments business of £18.2m. Mobile and
Online transaction growth was 22.2% but net revenue declined by 5.7% as a
consequence of price competition in core Online Payment processing, in advance
of the build-up of new product revenues, which are now starting to emerge.
This decline was offset by strong growth in the Mobile business in North
America.
We continue to focus on growth and on evaluating new opportunities to extend
our business, particularly in developing vertical markets and internationally.
The combination of our new terminal and our existing platform enhances our
opportunities for expansion. Romania continues to grow its transaction
volumes and revenues across all services, including bill payment, mobile
top-ups, and retail services (road tax and money transfer). We are
developing new retail services and promoting the PayPoint brand, continuing to
strengthen the network and consumer recognition.
1Adjusted earnings per share are stated before the £18.2 m impairment of
goodwill in the Online Payment business.
Bill and general
6 months ended 30 September 2015 6 months ended 30 September 2014 Increase/ (decrease) % Year ended 31 March 2015
Transactions '000 203,215 201,024 1.1 459,018
Transaction value £000 3,909,134 3,824,598 2.2 8,485,736
Revenue £000 38,533 38,811 (0.7) 89,229
Net revenue 1 £000 26,180 25,881 1.2 58,954
Bill and general transactions were ahead of the same period last year as a
result of a 15.6% increase in Romanian bill payment transactions. UK and
Irish bill and general transactions were down 1.0% on last year due to lower
transactions from prepaid electricity. An apparent decrease in consumption
together with the effect of higher average transaction values exceeded the
impact from meter growth. Although not material in the results to September,
the multi-channel payment solution continues to grow strongly and sales to a
further five clients have been agreed, including our first big six client and
it is attracting interest from other sectors. The strong growth in Romania,
where we processed 29.1 million transactions (2014: 25.2 million) was the
result of increasing market share 2 to 21.3% in September (2014: 18.8%), and
the addition of new clients.
Growth in net revenue of 1.2% exceeded that in revenue, helped by changes to
our retail terms that we made in response to competitor rates.
Top-ups
6 months ended 30 September 2015 6 months ended 30 September 2014 Decrease % Year ended 31 March 2015
Transactions '000 41,636 45,789 (9.1) 89,482
Transaction value £000 390,739 419,413 (6.8) 821,049
Revenue £000 32,541 36,256 (10.2) 69,978
Net revenue1 £000 11,083 11,696 (5.2) 23,154
Top-up transactions decreased from last year as a result of the continued
decline in mobile top-up volumes in the UK and Ireland of 13.8%. The
reduction in UK and Irish mobile top-up transactions was only partly offset by
an increase in other top-up transactions and Romanian mobile top-ups.
The reduction in top-up transaction value was lower than that of transaction
numbers as the average value of mobile top-ups increased. This also helped
mitigate the reduction in net revenue, as did the increase in other top-ups.
1Net revenue is revenue less the cost of mobile top-ups (where PayPoint is
principal), SIM cards and other costs incurred by PayPoint which are recharged
to clients and merchants. These costs include retail agent commission, card
payment merchant service charges and costs for the provision of call centres
for PayByPhone clients. Net revenue is a measure, which the directors
believe assists with a better understanding of the underlying performance of
the group.2Market share in Romanian bill payments is our share of the bill
payments expressed as a percentage of the total bills issued by our clients.
Retail services
6 months ended 30 September 2015 6 months ended 30 September 2014 Increase % Year ended 31 March 2015
Transactions '000 68,305 56,344 21.2 118,849
Transaction value £000 524,591 412,869 27.1 874,449
Revenue £000 23,397 20,579 13.7 42,294
Net revenue £000 15,062 12,958 16.2 26,507
Retail services transaction volume has increased across all products. ATM
transactions increased by 27.0%, credit and debit transactions by 19.2%, money
transfer transactions by 7.2%, SIM cards by 45.0% and parcels by 18.1% over
the same period last year.
A higher average credit and debit transaction value and money transfer
transaction value has driven an increase in total transaction value in excess
of the increase in transaction volume.
Strong net revenue growth of 16.2% was driven by the increases in parcels,
ATM transactions, credit and debit and income from broadband (enabling faster
terminal transactions).
Collect+
PayPoint has a 50% equity interest in Drop and Collect Limited, trading as
Collect+, a 50:50 joint venture with Yodel. PayPoint does not consolidate
the results of the joint venture but does include its share of the profit or
loss of the joint venture in its consolidated income statement, after group
operating profit.
Collect+ at 100% 6 months ended 30 September 2015 6 months ended 30 September 2014 Increase/ (decrease) % Year ended 31 March 2015
Transactions '000 9,911 8,394 18.1 18,799
Revenue £000 23,693 20,638 14.8 46,059
(Loss)/ profit £000 (797) 487 (263.7) 2,634
Collect+ is the market leading proposition for third party Click and Collect
services and its parcel returns activity also continues to grow strongly.
Within the consumer send market, there continues to be substantial price
competition and consequently the Collect+ management team has focussed on
developing Click & Collect and returns.
We continue to discuss with Yodel the future of the joint venture and the
proposed increases in charges put forward by Yodel. A portion of these
charges have been allowed pending the outcome of these discussions, which has
caused the adverse impact on profitability in Collect+. We expect to be able
to report on the conclusion of these discussions by the time of the full year
results announcement.
Mobile and Online
6 months ended 30 September 2015 6 months ended 30 September 2014 Increase/ (decrease) % Year ended 31 March 2015
Transactions '000 85,891 70,282 22.2 145,319
Transaction value £000 2,388,029 2,424,468 (1.5) 4,575,242
Revenue £000 8,344 8,621 (3.2) 16,994
Net revenue £000 6,983 7,404 (5.7) 14,516
Transactions increased by 22.2% with payment transactions of 62.3 million up
22.7% and parking transactions of 23.6 million up 20.9%.
Parking transaction growth was driven predominantly by the continued increase
in consumer adoption in existing clients and the full roll out of parking
payment services in Paris. The increase in online Payment transactions
stemmed from existing merchants.
Overall revenues decreased by 3.2% and net revenues decreased by 5.7%,
reflecting a decline in payment revenues due to larger merchants benefitting
from lower pricing on core payment processing transactions, offset by strong
growth in the mobile business in North America.
We have continued to add parking contracts with councils and parking
authorities, as we provide them with a more convenient and cost effective
method for collecting parking charges. The business has fully rolled out the
parking payment services in Paris during the period, a contract has been
signed to service a number of London underground car parks as part of a
Transport for London initiative and during the period, Brighton local
authority ended its use of parking meters.
In Online Payments, an increasing number of clients are processing on the new
Advanced Payments platform and the sales of the two new licensed products,
Cashier and Cardlock, have started to accelerate. Cashier enables enterprise
merchants to offer a highly customised payment experience for their online or
mobile customers and also has a built in capability to allow customers to
store multiple cards. Cardlock reduces the complication and cost of Payment
Card Industry compliance for merchants by removing card data from their
websites and apps as soon as it has been entered, and securing it remotely
within PayPoint systems. A further two new products have been launched in the
first half of this year, Mobile SDK and Fraudguard5. Mobile SDK makes it
easier for a merchant to provide an improved payment experience in an app and
Fraudguard5 is an enhanced version of the successful Fraud Management product,
which introduces new analytical capabilities.
Network growth
Terminal sites overall have increased by 848 to 38,389 since March 2015.
In the UK and Ireland, retail sites increased by 624, an increase of 2.2%
since March 2015. We provide debit and credit card acceptance, including the
capability for retailers to accept convenient contactless card transactions in
10,020 sites, an increase of 204 sites. We continue to roll out our PPoS
integrated solution to retailers, which combines a virtual terminal (our
software on the retailer's till system) with a plug-in reader, to provide our
service at lower cost. As well as enhancing service to retailers, this allows
us to redeploy terminals for use in Romania. In addition to these 7,717 PPoS
solutions, there were 11,627 broadband enabled terminals (which offer a faster
service than PSTN enabled terminals for transactions where the terminal has to
contact the client's host) at 30 September 2015.
In Romania, we have increased our sites by 224 since March 2015 to 9,458
sites at 30 September 2015.
The number of internet merchants fell by 645 since March 2015, largely
through churn of low volume merchants.
We increased the number of sites offering our Collect+ parcels service in the
first half of the year by 64, bringing the total to 5,895 and which, since the
period end, has risen further to 6,000 sites in advance of peak Christmas
activity. Site growth has been constrained during the discussion of Yodel's
proposed increase in charges to Collect+.
Analysis of sites/internet merchants At 30 September 2015 At 30 September 2014 Increase/ (decrease) % At 31 March 2015
UK and Ireland terminal sites 28,931 27,997 3.3 28,307
Romania terminal sites 9,458 8,756 8.0 9,234
Total terminal sites 38,389 36,753 4.5 37,541
Internet merchants 4,017 4,963 (19.1) 4,662
Collect+ sites 5,895 5,617 4.9 5,831
Financial review
Movements in revenue and net revenue have been addressed in the operational
review above.
Gross profit was £51.0 million (2014: £50.0 million), up 2.0% and the gross
profit margin improved to 49.6% (2014: 48.0%) predominantly as a result of the
reduction in the cost of mobile top-ups and lower retail commission.
Administrative expenses increased by 5.4% (2014: 10.9%) to £29.3 million
(2014: £27.8 million). The year on year cost increases are driven by the
HMRC ruling which increased irrecoverable VAT (£1.0 million in the first
half), which will continue and the one off restructuring costs incurred in the
first half to gain efficiencies between group and our retail businesses,
together with the professional fees incurred in the first half on the sale of
Mobile and Online (in total £0.7 million). We expect the rate of increase
in operating costs to slow further in the second half as a consequence of the
reorganisation in the first half and the sale of the Mobile and Online
businesses.
Our share of the loss in our parcels joint venture, Collect+, was £0.4
million (2014: profit of £0.2 million).
Our operating margin before goodwill impairment 1 decreased to 36.0% (2014:
38.7%) as a consequence of the increase in costs in excess of revenues.
1 Operating profit margin is stated before the goodwill
impairment of £18.2m and includes our share of joint venture results, as a
percentage of net revenue.
Profit before tax was £3.2 million (2014: £22.5 million), which includes a
£18.2m impairment to goodwill in the Mobile and Online business. The tax
charge was £4.4 million (2014: £4.7 million) and the effective tax rate was
20.8% (year ended 31 March 2015: 21.0%). The decrease in the effective tax
rate reflects the decrease in the UK statutory tax rate in the current year to
20%, offset by a reduction in the deferred tax assets on finalisation of prior
year tax returns, which has been reflected in full in the half year. As a
result the full year effective tax rate is expected to be lower than as
reported in the first half.
Operating cash flow was £24.5 million (2014: £12.0 million), after
corporation tax payments of £4.9 million (2014: £5.0 million). Capital
expenditure of £5.5 million (2014: £5.1 million) comprised expenditure on IT
infrastructure, developments for new products, terminals, ATMs and prepaid
energy card and key readers for the software version of our terminal that can
be loaded onto retail till systems. Share incentive schemes settled in cash
absorbed £0.6 million (2014: £2.8 million). Equity dividends paid were
£17.8 million (2014: £16.3 million). Net cash and cash equivalents at the
period end were £46.1 million (excluding net cash within assets held for
resale of £2.0 million), higher than £43.9 million (excluding net cash
within assets held for resale of £3.3 million) at 31 March 2015.
Related party transactions
Related party transactions are disclosed in note 5.
Risks
Risks to PayPoint's business, financial condition and operations are
disclosed on pages 21 and 22.
Dividend
We have declared an interim dividend of 14.2p per share (2014: 12.4p) to be
paid on 17 December 2015 to shareholders on the register at 4 December 2015.
The final dividend for the year ended 31 March 2015 totalling £17.8 million
(26.1p per share) was paid during the period.
Liquidity and going concern
The group had cash of £46.1 million at the period end and an undrawn £45.0
million revolving term credit facility expiring in May 2019. Cash includes
amounts held to settle short term client settlement obligations, which at the
period end amounted to £11.5 million in the UK (September 2014: £3.8
million, March 2015: £3.8 million) and £7.5 million in Romania (September
2014: £7.2 million, March 2015: £10.1 million). Cash and borrowing capacity
is adequate to meet the foreseeable needs of the group, taking account of any
risks (pages 21 and 22). The financial statements have therefore been
prepared on a going concern basis.
Economic climate
The company's bill and general payments service, which accounts for 44.1%
(2014: 47.2%) of our net revenue, has continued to be resilient, as consumers'
discretion in expenditure is limited for essential services and our service
continues to be popular. Utility providers continue to install new prepay
gas and electricity meters. The online payment market continues to grow
substantially. There has been an adverse impact on our mobile top-ups as
mobile operators continue to promote prepay less than contract. Mobile and
Online is able to offer parking authorities a more cost effective collection
system for parking compared to pay and display machines. The convenient
parcel services offered by Collect+ offer great opportunity for growth.
Outlook
Looking ahead to the second half, we expect to conclude current Collect+
joint venture discussions with our partner Yodel and complete the sale of our
Mobile and Online businesses. Overall, we expect to make further progress
across the business, with trading since 30 September in line with our
expectations. Our dividend increase anticipates double digit growth in the
dividend for the year as a whole and reflects our confidence in the business
and its long term prospects.
CONDENSED CONSOLIDATED INCOME STATEMENT
Continuing operations Note Unaudited 6 months ended 30 September 2015 £000 Unaudited 6 months ended 30 September 2014 £000 Audited year ended 31 March 2015 £000
Revenue 2 102,815 104,267 218,495
Cost of sales 2 (51,779) (54,259) (113,415)
Gross profit 51,036 50,008 105,080
Administrative expenses (29,316) (27,812) (56,892)
Operating profit before goodwill impairment 21,720 22,196 48,188
Goodwill impairment 8 (18,207) - -
Operating profit after goodwill impairment 3,513 22,196 48,188
Share of (loss)/profit of joint venture (398) 244 1,317
Investment income 65 92 151
Finance costs (25) (60) (95)
Profit before tax 3,155 22,472 49,561
Tax 3 (4,441) (4,719) (10,414)
(Loss)/profit for the period (1,286) 17,753 39,147
Attributable to:
Equity holders of the parent (1,288) 17,758 39,150
Non-controlling interest 2 (5) (3)
(1,286) 17,753 39,147
(Loss)/earnings per share
Basic 4 (1.90)p 26.1p 57.6p
Diluted 4 (1.90)p 26.0p 57.4p
Adjusted 4 24.8p 26.0p 57.4p
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Note Unaudited 6 months ended 30 September 2015 £000 Unaudited 6 months ended 30 September 2014 £000 Audited year ended 31 March 2015 £000
Items that may subsequently be reclassified to the consolidated income statement:
Exchange differences on translation of foreign operations 9 (865) (247) (1,393)
Tax effect thereof - - -
Other comprehensive loss for the period (865) (247) (1,393)
(Loss)/profit for the period (1,286) 17,753 39,147
Total comprehensive (loss)/income for the period (2,151) 17,506 37,754
Attributable to:
Equity holders of the parent (2,153) 17,511 37,757
Non-controlling interest 2 (5) (3)
(2,151) 17,506 37,754
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Note Unaudited 30 September 2015 £000 Unaudited 30 September 2014 £000 Audited 31 March 2015 £000
Non-current assets
Goodwill 7,761 57,814 7,694
Other intangible assets 7,501 7,905 6,443
Property, plant and equipment 21,479 22,302 21,505
Investment in joint venture 1,455 929 1,853
Deferred tax assets 383 1,775 1,131
38,579 90,725 38,626
Current assets
Inventories 553 690 686
Trade and other receivables 106,680 150,395 163,395
Cash and cash equivalents 7 46,056 28,681 43,913
Assets held for resale 8 39,236 - 59,066
192,525 179,766 267,060
Total assets 231,104 270,491 305,686
Current liabilities
Trade and other payables 128,300 164,551 181,724
Current tax liabilities 3,564 2,782 4,349
Liabilities directly associated with assets classified as held for sale 8 3,580 - 4,250
135,444 167,333 190,323
Non-current liabilities
Other liabilities - 49 21
- 49 21
Total liabilities 135,444 167,382 190,344
Net assets 95,660 103,109 115,342
Equity
Share capital 9 227 226 227
Share premium 9 2,365 1,978 1,977
Share based payment reserve 9 3,107 3,105 3,926
Translation reserve 9 (4,871) (2,860) (4,006)
Retained earnings 9 94,960 100,792 113,348
Total equity attributable to equity holders of the parent company 95,788 103,241 115,472
Non-controlling interest (128) (132) (130)
Total equity 95,660 103,109 115,342
Condensed Consolidated statement of changes in equity
Note Share capital £000 Share premium £000 Share based payment reserve £000 Translation reserve £000 Retained earnings £000 Total equity attributable to equity holders of the parent company £000 Non- controlling interest £000 Total equity £000
Opening equity 31 March 2014 226 408 3,682 (2,613) 101,995 103,698 (127) 103,571
Profit/(loss) for the period - - - - 17,758 17,758 (5) 17,753
Dividends paid 6 - - - - (16,259) (16,259) - (16,259)
Exchange differences on translation of foreign operations 9 - - - (247) - (247) - (247)
Movement in share based payment reserve 9 - - (577) - - (577) - (577)
Share premium arising on issue of shares 9 - 1,570 - - - 1,570 - 1,570
Adjustment on share scheme vesting 9 - - - - (2,405) (2,405) - (2,405)
Deferred tax on share based payments 9 - - - - (297) (297) - (297)
Closing equity 30 September 2014 226 1,978 3,105 (2,860) 100,792 103,241 (132) 103,109
Profit for the period - - - - 21,392 21,392 2 21,394
Dividends paid 6 - - - - (8,437) (8,437) - (8,437)
Exchange differences on translation of foreign operations 9 - - - (1,146) - (1,146) - (1,146)
Movement in share based payment reserve 9 - - 821 - - 821 - 821
Share premium arising on issue of shares 9 1 (1) - - - - - -
Adjustment on share scheme vesting 9 - - - - (52) (52) - (52)
Deferred tax on share based payments 9 - - - - (347) (347) - (347)
Closing equity 31 March 2015 227 1,977 3,926 (4,006) 113,348 115,472 (130) 115,342
Profit for the period - - - - (1,288) (1,288) 2 (1,286)
Dividends paid 6 - - - - (17,768) (17,768) - (17,768)
Exchange differences on translation of foreign operations 9 - - - (865) - (865) - (865)
Movement in share based payment reserve 9 - - (819) - - (819) - (819)
Share premium arising on issue of shares 9 - 388 - - - 388 - 388
Adjustment on share scheme vesting 9 - - - - 668 668 - 668
Deferred tax on share based payments 9 - - - - - - - -
Closing equity 30 September 2015 227 2,365 3,107 (4,871) 94,960 95,788 (128) 95,660
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
Note Unaudited 6 months ended 30 September 2015 £000 Unaudited 6 months ended 30 September 2014 £000 Audited year ended 31 March 2015 £000
Net cash flow from operating activities 10 24,488 11,950 44,896
Investing activities
Investment income 65 92 153
Purchase of property, plant and equipment and technology (5,474) (5,092) (10,076)
Proceeds from disposal of property, plant and equipment - 16 4
Repayment of loan by joint venture - - 150
Acquisition of subsidiary 5 - (180) (180)
Net cash used in investing activities (5,409) (5,164)Recent news on PayPoint
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AnnouncementREG - PayPoint PLC - Transaction in Own Shares
AnnouncementREG - PayPoint PLC - Transaction in Own Shares
AnnouncementREG - PayPoint PLC - Transaction in Own Shares
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