PayPoint shares climb on market debut

The bill payments company PayPoint, which collects a third of the congestion charge payments in London, floated 23 per cent of its shares yesterday, valuing it at £130m.

The bill payments company PayPoint, which collects a third of the congestion charge payments in London, floated 23 per cent of its shares yesterday, valuing it at £130m.

The Weinstock and Rothschild family trusts each sold about 10 per cent of their holdings, the company said. They were the main sellers of the 15.7 million shares coming on to the market at 192p each. PayPoint's chief executive, Dominic Taylor, said: "The opportunity to raise our profile among clients has been facilitated by the listing." The company did not raise any money itself.

The Weinstock and Rothschild family trusts remain the largest shareholders, retaining 13.5 per cent of PayPoint each. Cazenove and Dresdner Kleinwort Wasserstein jointly managed the flotation, which came two months after the group's then two biggest shareholders, BT and Electricité de France (EDF), sold their combined 54 per cent stake to a group of institutional investors for an undisclosed amount.

PayPoint operates collection systems in convenience stores, enabling customers to pay household bills, top up mobile phones and pay the £5-a-day London congestion charge. The service is free to the consumer.

The company, which does not plan to make any acquisitions any time soon, is now targeting transport ticketing, Mr Taylor said. PayPoint is also rolling out automated teller machines at the rate of 50 a month, with 601 installed by the end of August.

Since PayPoint started trading in 1996, it has built a business of more than 400 clients, 14,300 outlets and it now collects about £2bn of payments per year, the chairman, David Newlands, said.

PayPoint also released results for the financial year to the end of March yesterday. It processed more than 204 million payments with a value of £2.3bn. That led to operating profits of £8.1m on gross revenue of £67.1m. PayPoint shares gained on their debut and closed up 8.5p at 200.5p.

Start your day with The Independent, sign up for daily news emails
  • Get to the point
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Recruitment Genius: Claims Administrator

£16000 - £18500 per annum: Recruitment Genius: This is an excellent opportunit...

Recruitment Genius: Senior SEO Executive

£24000 - £28000 per annum: Recruitment Genius: A Senior SEO Executive is requi...

Recruitment Genius: Online Customer Service Administrator

£16000 - £18000 per annum: Recruitment Genius: An Online customer Service Admi...

Recruitment Genius: Digital Marketing Executive

£18000 - £22000 per annum: Recruitment Genius: This global, industry leading, ...

Day In a Page

Fishing for votes with Nigel Farage: The Ukip leader shows how he can work an audience as he casts his line to the disaffected of Grimsby

Fishing is on Nigel Farage's mind

Ukip leader casts a line to the disaffected
Who is bombing whom in the Middle East? It's amazing they don't all hit each other

Who is bombing whom in the Middle East?

Robert Fisk untangles the countries and factions
China's influence on fashion: At the top of the game both creatively and commercially

China's influence on fashion

At the top of the game both creatively and commercially
Lord O’Donnell: Former cabinet secretary on the election and life away from the levers of power

The man known as GOD has a reputation for getting the job done

Lord O'Donnell's three principles of rule
Rainbow shades: It's all bright on the night

Rainbow shades

It's all bright on the night
'It was first time I had ever tasted chocolate. I kept a piece, and when Amsterdam was liberated, I gave it to the first Allied soldier I saw'

Bread from heaven

Dutch survivors thank RAF for World War II drop that saved millions
Britain will be 'run for the wealthy and powerful' if Tories retain power - Labour

How 'the Axe' helped Labour

UK will be 'run for the wealthy and powerful' if Tories retain power
Rare and exclusive video shows the horrific price paid by activists for challenging the rule of jihadist extremists in Syria

The price to be paid for challenging the rule of extremists

A revolution now 'consuming its own children'
Welcome to the world of Megagames

Welcome to the world of Megagames

300 players take part in Watch the Skies! board game in London
'Nymphomaniac' actress reveals what it was really like to star in one of the most explicit films ever

Charlotte Gainsbourg on 'Nymphomaniac'

Starring in one of the most explicit films ever
Robert Fisk in Abu Dhabi: The Emirates' out-of-sight migrant workers helping to build the dream projects of its rulers

Robert Fisk in Abu Dhabi

The Emirates' out-of-sight migrant workers helping to build the dream projects of its rulers
Vince Cable interview: Charging fees for employment tribunals was 'a very bad move'

Vince Cable exclusive interview

Charging fees for employment tribunals was 'a very bad move'
Iwan Rheon interview: Game of Thrones star returns to his Welsh roots to record debut album

Iwan Rheon is returning to his Welsh roots

Rheon is best known for his role as the Bastard of Bolton. It's gruelling playing a sadistic torturer, he tells Craig McLean, but it hasn't stopped him recording an album of Welsh psychedelia
Morne Hardenberg interview: Cameraman for BBC's upcoming show Shark on filming the ocean's most dangerous predator

It's time for my close-up

Meet the man who films great whites for a living
Increasing numbers of homeless people in America keep their mobile phones on the streets

Homeless people keep mobile phones

A homeless person with a smartphone is a common sight in the US. And that's creating a network where the 'hobo' community can share information - and fight stigma - like never before