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 profits2 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
