In This Article:
PayPoint Plc
21 June 2024
Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (the “Market Abuse Regulation”) requires disclosure of inside information relating to PayPoint Plc (the “Issuer”). This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation and is disclosed in accordance with the Issuer's obligations under Article 17 of the Market Abuse Regulation.
Yodel update
PayPoint notes the announcement today by Yodel following the successful completion of its comprehensive strategic review. This will see Yodel operate as a stand-alone legal entity, under the leadership of CEO Mike Hancox and his ongoing Executive team.
As part of the review, PayPoint has made a strategic investment into the Yodel business, alongside other partners. The investment strengthens the partnership between the two companies and will enable further opportunities through the fast-growing Out of Home (OOH) delivery market.
Collect+, the leading OOH network in the UK, operates out of over 11,000 locations and has experienced positive growth over the past two years, processing over 100 million parcel transactions in FY24. The business is one of the six key building blocks to delivering the Group’s target of £100 million EBITDA by the end of FY26.
Nick Wiles, CEO of PayPoint, said:
“As a long-standing partner, we are delighted to be making a strategic investment in a key partner and that Mike Hancox and his executive team will continue to lead the Yodel business, supporting further growth through our leading parcels network, Collect+. As consumer behaviour continues to shift towards OOH, our continuing strategic partnership with Yodel is an important driver to delivering £100 million EBITDA by the end of FY26.”
Enquiries
PayPoint plc FGS Global
Nick Wiles, Chief Executive (Mobile: 07442 968960) Rollo Head
Rob Harding, Chief Financial Officer (Mobile: 07525 707970) James Thompson
(Telephone: 0207 251 3801)
(Email: PayPoint-LON@fgsglobal.com)