PayPoint grew its group like-for-like net revenue by 3.6% to £31.8 million in the three months ended 31 December 2017. UK retail services like-for-like net revenue grew by 4.6%, driven by PayPoint One. PayPoint One is now in 7,4594 sites, of which 1,094 sites are operating the company's EPoS Pro proposition. MultiPay transactions are up 80.1% to 5.6 million. Romania net revenue grew by 42.2%, mainly driven by the acquisition of Payzone. Dominic Taylor, PayPoint's chief executive, said: "Overall performance for the quarter met our expectations therefore the full year outlook remains in line with previous guidance." Group retail networks net revenue declined 4.3% from £33.3 million to £31.8 million, because of a one-off VAT recovery of £2.4 million last year. Excluding the VAT recovery, like-for-like net revenue would have increased 3.6%. The decline was partially offset by strong growth in PayPoint One service fees and Romania. Group retail networks transaction volume reduced by 1.7% to 172.7 million transactions due to lower UK bill and general volumes partially offset by strong volume growth in Romania. UK retail services net revenue decreased by 18.1%, reflecting the revised commercial terms with Yodel and the card payment VAT recovery. Excluding these items, net revenue increased by 4.6% driven by PayPoint One service fees. UK bill and general net revenue decreased by 3.3% as transaction volumes declined by 10.5%. This was driven by a 13.9% reduction in prepay energy volume, offset somewhat by momentum in MultiPay where transactions increased by 80.1% to 5.6 million. UK top-up transactions declined by 15.9% from 15.5 million to 13.1 million as result of UK prepaid mobile transactions reducing by 19.1%, partially offset by increased eMoney top-ups. The group had net cash of £48.4 million (30 September 2017: £27.6 million) which includes client cash of £48.1 million (30 September 2017: £18.1 million). The increased proportion of client cash was due to the Christmas trading period which was settled on 2 January 2018.
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