IT MIGHT seem hard to believe for a company that has shed about 95 per cent of its value this year, but Dublin-based electronic payments group Payzone has been on a good run of late.
You might remember that the business imploded in January as chief executive John Nagle and finance chief John Williamson were removed from their posts only to be reinstated by the High Court before being sacked by shareholders at an emergency general meeting in March.
The sale of its businesses in France, Spain and Italy was worth €20 million and has enabled it to shave about 6 per cent off its massive €271 million debt and keep the banks happy.
Its legal spats with former executives Nagle and Williamson appear to have been resolved to the mutual satisfaction of all sides and without any further negative press.
On Monday, in a trading update to the market, Payzone said it had made "considerable progress" with the integration of the old Alphyra and Cardpoint businesses.
In particular, it appears to have tidied up the problems around the old Cardpoint ATM business in the UK.
Its share price rose by more than 20 per cent yesterday to edge closer to three pence each.
The company still expects to make a loss of €39.2 million for the year to the end of September, but new chief executive Mike Maloney appears to have steadied the ship.
