Irish e-payments group Payzone has reported a 5 per cent rise in turnover to €234.3 million in the 12 months to the end of September 2011.

This compares to turnover of €222.8 million for the proceeding year.

Payzone has bounced back following a bloody boardroom coup which resulted in founder John Nagle being sacked by the company and a major restructuring of the business following a €206 million loss in the year to the end of September 2008.

According to accounts recently filed with the Companies Registration Office, profit before tax for the 12 months under review totalled €5.8 million, down from €6.2 million for the same period a year earlier.

The company, which processes over 50 million transactions in Ireland annually, has a nationwide network of 11,500 retail points of sale which process a variety of electronic transactions services.

Payzone, which provides mobile phone top-ups, bill-paying services and runs a network of ATM cash machines, said the most notable aspect of the business over the year was the diversification into new areas of electronic customer payments.

Managing director Jim Deignan said the company was ideally places to support the public sector with cost-effective payment channels for taxes such as the household charge and water rates.