Welwyn Garden City is proving a point!
DURING the credit crunch many businesses have gone bust or are finding it hard to cope. This is not so for WGC-based company PayPoint, which has released its annual results. Pre-tax profits are up by an impressive 19 per cent to �35m. The firm, based in
DURING the credit crunch many businesses have gone bust or are finding it hard to cope.
This is not so for WGC-based company PayPoint, which has released its annual results.
Pre-tax profits are up by an impressive 19 per cent to �35m.
The firm, based in The Boulevard, Shire Park, has also increased its annual revenue figure by seven per cent, from �212m in March 2008 to �224m in March 2009.
Customers can make cash payments at any one of PayPoint's 23,800 outlets to settle their gas, electricity, or water bills.
They can also pay for their TV Licence, council tax or top-up pay-as-you-go mobile phones.
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PayPoint's CEO Dominic Taylor said: "In 2009, PayPoint continued to grow and was strongly cash generative.
"Revenue, margins, profits and dividends increased.
"Plans announced this time last year to increase the UK terminal estate were exceeded."
Mr Taylor added: "We expect further growth in the UK by increasing market share in bill and general payments, mobile top-ups, and ATMs.
"We plan to add a further 1,500 terminals during the course of the current financial year, to continue to capitalise on these opportunities."
There are currently around 230 people who work at Paypoint's HQ in WGC.
However, at the moment there are no plans to increase the workforce.
A spokesman told the WHT: "We are very pleased with our results.
"We currently employ around 230 people at our WGC headquarters and have no major recruitment plans for the current year although we frequently recruit locally for both new and replacement roles as needs arise."
As well as the UK, PayPoint is also well established in Ireland and Romania.