PayPoint plc: Annual Report and Notice of 2019 AGM

PayPoint plc (the ‘Company’)

19 June 2019

Publication of Annual Report and Notice of 2019 Annual General Meeting

The Company has today published its Annual Report and Financial Statements for the year ended 31 March 2019 (‘2019 Annual Report’) on its website http://corporate.paypoint.com/  

In accordance with Listing Rule 9.6.1, the 2019 Annual Report and notice of Annual General Meeting will shortly be available for public inspection on the National Storage Mechanism (NSM) – Morningstar (www.morningstar.co.uk/uk/nsm).

The Company will hold its 2019 Annual General Meeting on Thursday, 25 July 2019 at 12 noon at the Company’s head office: PayPoint plc, 1 The Boulevard, Shire Park, Welwyn Garden City, Hertfordshire AL7 1EL.

In addition, following the release on 23 May 2019 of the Company’s preliminary results for the year ended 31 March 2019, which are also available at http://corporate.paypoint.com/, the Company makes the following additional disclosure in compliance with Rule 6.3.5R of the Disclosure and Transparency Rules of the UK Financial Conduct Authority. Together these constitute the information required to be communicated to the media in unedited full text through a Regulatory Information Service. This information is not a substitute for reading the full 2019 Annual Report and Financial Statements.

Related party transactions
Remuneration of the directors, who are the key management of the Group, was as follows during the year:

	Year ended 31 March 2019	Year ended 31 March 2018
	£000	£000
Short term benefits and bonus1	1,630	2,579
Pension costs2	127	234
Long term incentives3	648	445
Other4	70	29
Total	2,475	3,287

1. Includes salary, fees, benefits in kind and annual bonus.
2. Defined contribution pension scheme.
3. Long term incentives: includes the value of 2016 LTIP and DABS expected to vest after the year end (2018: 2015 DSB and LTIP awards).
4. SIP matching and dividend shares awarded in the year.

Revenue received from Drop and Collect Limited during the year totalled £11.3 million (2018: £15.1 million) and PayPoint held a trade debtor at year end of £0.6 million (2018: £0.4 million).

Directors’ remuneration is disclosed in the Annual Report on Remuneration on pages 65 to 81.

Statement of directors’ responsibilities in respect of the Annual Report and the Financial Statements

The 2019 Annual Report contains the following statements regarding responsibility for financial statements on page 85: 

“The directors are responsible for preparing the Annual Report and the Group and parent Company financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare Group and parent Company financial statements for each financial year. Under that law they are required to prepare the Group financial statements in accordance with International Financial Reporting Standards as adopted by the European Union (IFRSs as adopted by the EU) and applicable law and have elected to prepare the parent Company financial statements on the same basis.

Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and parent Company and of their profit or loss for that period. In preparing each of the Group and parent Company financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;
• make judgements and estimates that are reasonable, relevant and reliable;
• state whether they have been prepared in accordance with IFRSs as adopted by the EU;
• assess the Group and parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and
• use the going concern basis of accounting unless they either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the parent Company’s transactions and disclose with reasonable accuracy at any time the financial position of the parent Company and enable them to ensure that its financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Group and to prevent and detect fraud and other irregularities.

Under applicable law and regulations, the directors are also responsible for preparing a Strategic Report, Directors’ Report, Directors’ Remuneration Report and Corporate Governance Statement that complies with that law and those regulations.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company’s website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Responsibility statement of the directors in respect of the annual financial report

We confirm that to the best of our knowledge:

• the financial statements, prepared in accordance with the applicable set of accounting standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the undertakings included in the consolidation taken as a whole; and
• the directors’ report which also incorporates the strategic report includes a fair review of the development and performance of the business and the position of the issuer and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face.

We consider the annual report and accounts, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the group’s position and performance, business model and strategy.

Rachel Kentleton
Finance Director
22 May 2019”

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Enquiries:

Susan Court
Company Secretary, PayPoint plc
Tel: [phone]