Dublin-based electronic payments group Payzone has reported a pretax loss of €7 million on revenues of €583 million for the six months to end of March.
Payzone was formed from the merger of Dublin-based payments top-up group Alphyra and UK ATM operator Cardpoint in 2007 and it operates prepaid motorway tolling and bill payment systems.
Its revenue figure exclude the contribution from its businesses in France, Italy and Spain which were sold during the period for a total of €20 million.
EBITDA rose 24 per cent to €20.3 million.
Shares in the company debuted at 76 pence but this morning were trading at 1.83 pence giving the company a market value of £8.06 million.
Mike Maloney, chief executive, said the company has responded to a weak economy by taking out costs and described the proforma increased in EBITDA as a “significant achievement” at a time when weak consumer sentiment had affected transactions volumes.