PayPoint PLC on Friday reconfirmed its annual guidance for financial year 2023 that ended on March 31, noting that the integration of Appreciate is progressing.

The Welwyn Garden City, Hertfordshire-based payment services company said it continues to anticipate annual net revenue, excluding its acquired Appreciate Group, of around £125 million, 8.6% higher than £115.1 million in financial 2022.

Regarding its Appreciate takeover, which valued the Merseyside, England-based multi-retailer redemption product provider at around £83 million, PayPoint said: ‘The integration of Appreciate Group (now known as Love2shop) continues to progress well, opening up further revenue opportunities, expanding our capabilities further in the gifting, rewards and prepaid savings markets and enabling the creation of enterprise level solutions into new markets, combining our extensive payments and commerce solutions across the group. These opportunities have accelerated since completion.’

The company noted accelerated revenue growth across all three business divisions.

Looking ahead, the firm said it has ‘materially’ enhanced its platform and capabilities in the past year, adding that trading has been positive in the first quarter of financial 2024.

PayPoint will release its annual results on July 6.

PayPoint shares rose 6.7% to 402.90 pence each on Friday morning in London.

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