PayPoint reports £385.8m in Love2shop division billings

PayPoint reported £385.8 million of billings in its Love2shop division for the year ended March 31, 2026, up 5% from £367.5 million. The June 11 results combine gift card activity with prepaid Christmas savings. They are not a measure of spending at retailers. [S01]

For the gift card industry, the useful detail lies beneath that total: which channels are growing, what the recipient actually receives and when sales become income.

Two parts of the billings total

£m

Source: PayPoint FY26 financial review, Love2shop table

These two reported categories sum to total divisional billings. Billings are distinct from revenue and from recipients redeeming gift value.

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Love2shop division billings by reported category (£m)
Category	FY25	FY26
Love2shop billings	204.5 £m	221.4 £m
Prepaid Christmas Savings billings	163.0 £m	164.4 £m

Distribution is becoming a larger part of the business

The results presentation highlights in-store distribution through InComm Payments, alongside corporate rewards and prepaid savings. Love2shop Business billings reached £182 million, up 4.9%. Physical distribution billings reached £13.5 million. These channels sit inside the division; they should not be added to its total again. [S02]

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Distribution is becoming a larger part of the business
Reported measure (£m)	FY25	FY26
Total divisional billings	367.5	385.8
Physical distribution billings	3.8	13.5
Divisional net revenue	51.7	53.5

Source: PayPoint FY26 results. Net revenue is a separate performance measure, not additional billings. [S01]

The presentation also identifies a Vanquis Bank agreement for an eGift card mall supporting customer loyalty and acquisition. That is a further distribution route, rather than evidence that every customer had already used the service. Its stated priorities include repeat business, the digital platform and more physical distribution. [S02]

The format matters to the recipient

PayPoint’s consumer service page distinguishes two journeys. An eGift card can be delivered by email and exchanged for a choice of participating brands’ eGift cards. A physical Love2shop card is used at participating stores. The page also distinguishes eGift availability across its network from physical cards offered at selected locations. [S03]

That difference matters for employers and loyalty operators choosing a reward. An email containing a balance to exchange is a different handover from a card ready for a particular store. Clear instructions about selection, acceptance and support can make the distribution channel easier to understand.

Sales and income follow different clocks

PayPoint attributed net revenue growth partly to a full year of in-store card revenue and lifecycle management, including non-redemption income. It also said the strong second half reflected revenue-recognition timing, with a more balanced contribution expected in FY27. [S01]

The distinction prevents an easy misreading of the growth figures. More value sold is commercially relevant, but it does not by itself show how quickly recipients spend their rewards, how much remains unused or how profitable each distribution channel will ultimately be.

Park Christmas Savings remains another part of the division’s mix: the presentation’s £164.4 million relates to the 2025 savings season within FY26. Its role alongside corporate rewards and retail distribution makes the combined figure broader than a single gift card product launch. [S02]

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