PayPoint

PAY · Main Market · Industrial Goods and Services · mcap £369m · 663.5p

PayPoint runs a network of over 30,000 UK convenience stores offering bill payments, parcel collection and card services. It also owns Love2shop gift cards and savings, plus Open Banking and e-commerce parcel businesses.

Target	Promise	Said	Status
2024
end of April 2024	Conclude restructuring consultation by end of April 2024	7 Mar 2024	… In progress
	“PayPoint anticipates that the consultation will conclude by the end of April.” Status so far Not yet due.
end of FY24	Net corporate debt below £72.4m by end of FY24	23 Nov 2023	✓ Kept
	“is expected to reduce below the starting position of £72.4m by the end of the current financial year” Result FY24 net debt was £67.5m. “Net corporate debt7 of £67.5 million reduced by £4.9 million from opening position of £72.4 million”13 Jun 2024 · Results for the year ended 31 March 2024
end of FY24	FY24 underlying EBITDA of about £80m	24 Jan 2024	✓ Kept
	“deliver £100m EBITDA by the end of FY26” Result FY24 EBITDA was £81.3m. “Underlying EBITDA1 of £81.3 million (FY23: £61.3 million) increased by £20.0 million (32.6%)”13 Jun 2024 · Results for the year ended 31 March 2024
summer 2024	Royal Mail parcel drop-off at 5,000 Collect+ stores by summer 2024	22 Feb 2024	✓ Kept
	“The multi-year agreement will enable parcel drop off for Royal Mail customers at 5,000 Collect+ stores in communities across the UK by the summer.” Result Aug 2024 update listed rollout to 5,000 sites as due 31 July 2024; no shortfall reported. “Royal Mail rollout to 5,000 sites now complete as of 31st July 2024”1 Aug 2024 · Trading update for the three months ended 30 June 2024
Q3 FY24/25	Lloyds Cardnet partnership pilot in Q2 FY24/25, full launch Q3 FY24/25	20 Mar 2024	… In progress
	“going into pilot in Q2 FY24/25, with a full launch expected in Q3 FY24/25” Status so far Not yet due.
2025
30 June 2025	Return at least £20m via buyback in the 12 months from July 2024	13 Jun 2024	✓ Kept
	“returning at least £20m over the next 12 months” Also stated 1 Aug 2024 Result First tranche of £20m completed by July 2025. “The initial £20 million tranche of the Buyback Programme commenced on 1 July 2024 and completed 30 June 2025. Over the period 2,849,507 ordinary shares in the Company were repurchased for cancellation at an average price of 701.88 pence per share, representing 3.9 per cent of the issued share capital of the Company when the Buyback Programme commenced.”1 Jul 2025 · Share Buyback Programme
Today · 10 Oct 2026
2026
end of FY26	Deliver £100m underlying EBITDA by end of FY26	24 Jan 2024	✗ Missed
	“immediate target of delivering £100m EBITDA by the end of FY26” Also stated 20 Mar 2024 · 20 Nov 2025 Result Nov 2025 said it would take longer; FY26 EBITDA was £92m. “While we continue to make progress towards delivering underlying EBITDA of £100 million in the current financial year – which remains a key financial objective the business is confident of reaching – it is likely we will take longer to do so.”20 Nov 2025 · Results for the half year ended 30 September 2025 “Underlying EBITDA of £92.0 million (FY25: £90.0 million) increased by £2.0 million (2.2%)”11 Jun 2026 · Record profits delivered and reorganisation to deliver next stage of growth
H1 FY26	Launch Local Banking deposits with at least two banks live by H1 FY26	29 Jan 2025	◐ Partly on track
	“first High St bank on track for launch of consumer deposits at the end of Q4 FY25” Also stated 12 Jun 2025 Status so far Lloyds went live Aug 2025; Nov 2025 put the second major bank at Q4 FY26. “Local Banking - first two High St banks on track for launch of consumer deposits in H1 FY26 leveraging our leading retailer partner network.”12 Jun 2025 · Results for the year ended 31 March 2025 “BankLocal service launched in August 2025 for Lloyds Banking Group customers, enabling consumer cash deposits via app across out extensive network of 30,000 locations. Deposits via card launched for Lloyds in September 2025 across 3,000 sites, with second major bank now going live later than planned in Q4 FY26”20 Nov 2025 · Results for the half year ended 30 September 2025
FY26	Re-platform consumer Love2shop business in FY26	29 Jan 2025	… In progress
	“we expect this performance to continue as we re-platform our consumer business to Love2shop in the next financial year” Status so far Not yet due.
Q4 FY26	Launch self-service kiosks and extend Royal Mail shop across Collect+	30 Sep 2025	✗ Missed · target changed
	“the launch of self-service kiosks during Q1 2026” Result Kiosk timing moved from Q1 2026 to Q4 FY26. “The Royal Mail shop rollout will continue over H2 FY26 to the rest of the 8,000-site network, including the launch of self-service kiosks during Q4 FY26.”20 Nov 2025 · Results for the half year ended 30 September 2025 “The Royal Mail Shop rollout will continue over H2 FY26 to the rest of the 8,000-site network, including the launch of self-service kiosks during Q4 FY26.”28 Jan 2026 · Trading update for the three months ended 31 December 2025
FY26	FY26 EBITDA ahead of last year and in line with market expectations	20 Nov 2025	✓ Kept
	“We expect underlying EBITDA for FY26 to be ahead of last year and broadly in line with current market expectations.” Result FY26 EBITDA £92m versus £90m; results in line with expectations. “Underlying EBITDA of £92.0 million (FY25: £90.0 million) increased by £2.0 million (2.2%)”11 Jun 2026 · Record profits delivered and reorganisation to deliver next stage of growth
FY26	Shareholder returns of over £90m in FY26	20 Nov 2025	✓ Kept
	“The business on course to generate returns to shareholders of over £90 million through a combination of our ordinary dividend, continuing share buyback programme and special dividend.” Result Special dividend paid, buybacks continued and dividends rose. “As at 30 June 2026, the Company had returned £50 million through the first and second tranches of the Buyback Programme, with 7,860,645 Ordinary Shares purchased for cancellation and, together with the Company's share consolidation, shares in issue reduced by 17.7%.”1 Jul 2026 · Share Buyback Programme
FY26	Record profits for FY26	28 Jan 2026	✓ Kept
	“on track to deliver record profits for the year” Result Underlying profit before tax £69.0m, a record. “Underlying profit before tax of £69.0 million (FY25: £68.0 million) increased by £1.0 million (1.5%)”11 Jun 2026 · Record profits delivered and reorganisation to deliver next stage of growth
2027
March 2027	Collect+ stake sale transaction EPS enhancing in year to March 2027	30 Sep 2025	… In progress
	“The Board anticipates the transaction as a whole to be EPS enhancing in the first full year to March 2027” Status so far Not yet due.
FY27	Exceed FY26 underlying profits in FY27	11 Jun 2026	… In progress
	“exceeding the underlying profits achieved in FY26” Status so far Not yet due.
FY27	Meet market expectations for FY27	29 Jul 2026	… In progress
	“we continue to expect...the Group, we remain confident in meeting market expectations.” Status so far Not yet due.
2028
FY28	Grow dividend cover to over 2.0 times earnings	13 Jun 2024	… In progress
	“grow our cover ratio from the current 1.5 to 2.0 times earnings range to over 2.0 times earnings by FY28” Also stated 6 Aug 2025 · 29 Sep 2026 Status so far Not yet due.
FY28	Net revenue growth of 5-8% a year through FY28	12 Jun 2025	… In progress
	“delivering 5–8% net revenue growth per annum, supported by a resilient financial framework” Also stated 11 Jun 2026 · 29 Sep 2026 Status so far Not yet due.
FY28	Cut share capital by at least 20%, later circa 30%, by FY28 via at least £30m a year buybacks	12 Jun 2025	✗ Missed · target changed
	“reduce its issued share capital by circa 30% in the three years to FY28 while continuing to grow the ordinary dividend” Also stated 1 Jul 2025 · 30 Mar 2026 Result Target raised to circa 30% in March 2026; shares in issue down 17.7% by July 2026. “The Group remains on course to reduce its issued share capital by circa 30% in the three years to FY28 while continuing to grow the ordinary dividend, with share capital already reduced by circa15% in the current year.”30 Mar 2026 · FY26 Update, Business Reorganisation and FY27 Outlook “As at 30 June 2026, the Company had returned £50 million through the first and second tranches of the Buyback Programme, with 7,860,645 Ordinary Shares purchased for cancellation and, together with the Company's share consolidation, shares in issue reduced by 17.7%.”1 Jul 2026 · Share Buyback Programme
FY28	Keep net debt/EBITDA at 1.2x-1.5x through FY28	12 Jun 2025	✗ Missed
	“consistent with a prudent capital structure and leverage in the range of 1.2x to 1.5x” Result FY26 net debt £132.5m against EBITDA £92m is about 1.4x, within range. “Net corporate debt of £132.5 million increased by £35.1 million as expected from opening position of £97.4 million”11 Jun 2026 · Record profits delivered and reorganisation to deliver next stage of growth
2029
2029	Increase Love2shop billings by over £100m over five years	1 Aug 2024	… In progress
	“potential to deliver a meaningful increase of over £100 million in Love2shop billings over the next five years” Status so far Not yet due.
2030
FY30	Network Services net revenue +5-10% a year; Digital Payments over 20% a year, doubling in four years	29 Sep 2026	… In progress
	“targeting underlying net revenue growth of 5–10% per annum” Status so far Not yet due.