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---
description: Love2shop’s higher billings show the distribution opportunity inside PayPoint, while lower recognised revenue highlights the timing of gift card economics.
title: Love2shop billings rise to £44.9m as PayPoint expands distribution
image: https://giftcard.news/images/social/v1/love2shop-billings-rise-44-9m-paypoint-expands-distribution-b05576a5081bfa95a3e4dd8151a02092.jpg
---

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# Love2shop billings rise to £44.9m as PayPoint expands distribution

Love2shop’s higher billings show the distribution opportunity inside PayPoint, while lower recognised revenue highlights the timing of gift card economics.

By [Suzie Elis](https://giftcard.news/author/suzie-elis/) July 29, 2026 4 min read [ Google News ](https://google.com/preferences/source?q=giftcard.news&utm%5Fsource=giftcard.news&utm%5Fcampaign=giftcard.news) 

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![Three women carrying shopping bags in a shopping centre in PayPoint’s illustrative Love2shop photograph.](https://giftcard.news/images/variants/v1/love2shop-billings-rise-44-9m-paypoint-expands-distribution-three-women-carrying-shopping-w1000.webp) 

 Illustrative photograph from PayPoint’s Love2shop consumer service page. Credit: PayPoint. Photo: PayPoint 

[Love2shop](https://giftcard.news/company/love2shop/) billings reached £44.9 million in the quarter ended June 30, 2026, compared with £38.4 million a year earlier, [PayPoint](https://giftcard.news/company/paypoint/) reported on July 29\. Net revenue moved in the opposite direction, falling to £7.0 million from £7.8 million. The company attributed the decline to revenue-recognition timing. [\[S01\]](#article-source-1)

## Why PayPoint owns a gift card business

Love2shop sits inside a payments and services group with a national retail distribution network. PayPoint acquired its former parent, [Appreciate Group](https://giftcard.news/company/appreciate-group/), in February 2023, adding rewards, vouchers and prepaid savings to its operations. [\[S03\]](#article-source-3)

The acquisition rationale included the ability to sell complementary services across the combined customer base. PayPoint’s 2023 results explicitly identified cross-selling and access to new customer relationships as expected benefits. [\[S04\]](#article-source-4) The current expansion is therefore part of a longer effort to connect a rewards business with an existing route to consumers and merchants.

The original acquisition accounts put the February 2023 consideration at GBP61.9 million in cash and GBP17.3 million in equity. These are the financing components of buying Appreciate Group, not Love2shop operating income in the current quarter. [\[S04\]](#article-source-4)

The data behind the story 

### How PayPoint paid for Appreciate Group

Historical acquisition consideration by form.

 GBP million 

GBP million

Tap or hover for details. All values are also available in the data table.

Source 

PayPoint FY23 results, note 9A [\[S04\]](#article-source-4)

Whole-group acquisition in February 2023\. These are consideration components, not current gift-card billings, revenue or net cash outflow.

Show data tableHide data table 

Scroll left or right to see all columns 

__How PayPoint paid for Appreciate Group (GBP million)__
| Category             | GBP million      |
| -------------------- | ---------------- |
| Cash consideration   | 61.9 GBP million |
| Equity consideration | 17.3 GBP million |

For gift cards, access is part of the product. A broad redemption proposition has limited value if a buyer does not encounter it at the moment they need a gift. The potential benefit of the group structure is more places to make that purchase, using relationships already held by the parent.

## Volume and recognised income are different

Show data tableHide data table 

Scroll left or right to see all columns 

__Volume and recognised income are different__
| Love2shop measure | Q1 FY26 | Q1 FY27 |
| ----------------- | ------- | ------- |
| Billings          | £38.4m  | £44.9m  |
| Net revenue       | £7.8m   | £7.0m   |

The data behind the story 

### Love2shop quarterly billings

Equivalent quarters ending June 30; company-reported figures. [\[S01\]](#article-source-1)

 Billings 

£m

Tap or hover for details. All values are also available in the data table.

Source 

PayPoint Q1 FY27 results [\[S01\]](#article-source-1)

Billings are not revenue, profit or customer redemptions. July campaign results are outside these quarters.

Show data tableHide data table 

Scroll left or right to see all columns 

__Love2shop quarterly billings (£m)__
| Category | Billings |
| -------- | -------- |
| Q1 FY26  | 38.4 £m  |
| Q1 FY27  | 44.9 £m  |

The quarter’s billings and revenue should not be combined into one growth rate. Billings indicate the value of business written; recognised income follows the applicable accounting rules and timing. The reported net-revenue decline was 9.8%, a figure calculated from underlying amounts rather than the rounded numbers in the table. [\[S01\]](#article-source-1)

The distinction matters commercially because a larger distribution channel is not automatically a higher-margin channel. A fuller assessment would require the product mix, costs and timing of the income generated by those purchases.

## Stores can distribute digital gifts

PayPoint’s Love2shop service includes physical cards at selected stores and e-gifts purchased through the retail network. E-gift recipients exchange the value for participating brands. [\[S02\]](#article-source-2) A store therefore remains a sales channel even when the reward ultimately reaches the recipient digitally.

During the quarter, in-store billings rose 108%, and PayPoint secured further distribution through [Boots](https://giftcard.news/company/boots/) and [Asda Express](https://giftcard.news/company/asda-express/). After the quarter, July’s teacher-gifting campaign recorded 103% more cards sold and 97% higher sales value. [\[S01\]](#article-source-1) These July figures are a separate seasonal indicator, not part of the June-quarter total.

The preceding full-year results provide an absolute measure of the physical distribution channel: billings were GBP3.8 million in FY25 and GBP13.5 million in FY26\. Those years ended in March, before the June quarter and July teacher campaign, and must be assessed separately. [\[S05\]](#article-source-5)

The data behind the story 

### Physical distribution billings before the latest quarter

Completed financial years, not the June quarter or July campaign.

 GBP million 

GBP million

Tap or hover for details. All values are also available in the data table.

Source 

PayPoint FY26 annual results [\[S05\]](#article-source-5)

Billings measure business written, not revenue, profit or redemptions. These annual channel figures are a subset of Love2shop activity and must not be added to quarterly totals.

Show data tableHide data table 

Scroll left or right to see all columns 

__Physical distribution billings before the latest quarter (GBP million)__
| Category               | GBP million      |
| ---------------------- | ---------------- |
| FY25, ended March 2025 | 3.8 GBP million  |
| FY26, ended March 2026 | 13.5 GBP million |

The business logic is to make a multi-brand gift available in shopping journeys that already exist. Stores gain another reason for a customer visit, while Love2shop can reach buyers beyond its own website. The announcement does not disclose the new partners’ commercial terms or isolate their contribution to growth.

The evidence supports stronger purchase activity and a broader distribution plan. It does not yet show how much each new outlet adds after costs, or whether one seasonal campaign predicts the next peak trading period.

## In this article

### Companies

* [Appreciate Group](https://giftcard.news/company/appreciate-group/)
* [Asda Express](https://giftcard.news/company/asda-express/)
* [Boots](https://giftcard.news/company/boots/)
* [Love2shop](https://giftcard.news/company/love2shop/)
* [PayPoint](https://giftcard.news/company/paypoint/)

### Sources and documents

* [\[S01\] Q1 FY27 trading update](https://www.globenewswire.com/news-release/2026/07/29/3334974/0/en/1st-quarter-results.html?utm%5Fsource=giftcard.news&utm%5Fcampaign=giftcard.news) — PayPoint
* [\[S02\] Physical and digital retail distribution](https://www.paypoint.com/instore-services/love2shop-gift-vouchers?utm%5Fsource=giftcard.news&utm%5Fcampaign=giftcard.news) — PayPoint
* [\[S03\] February 2023 ownership background](https://www.globenewswire.com/news-release/2023/02/28/2616721/0/en/paypoint-completes-acquisition-of-appreciate-group.html?utm%5Fsource=giftcard.news&utm%5Fcampaign=giftcard.news) — PayPoint
* [\[S04\] Acquisition commercial rationale](https://www.paypointbusiness.com/corporate/investor-centre/regulatory-announcements/results-for-the-year-ended-31-march-2023?utm%5Fsource=giftcard.news&utm%5Fcampaign=giftcard.news) — PayPoint
* [\[S05\] FY26 annual results and physical distribution billings](https://www.paypointbusiness.com/corporate/investor-centre/regulatory-announcements/record-profits-delivered-and-reorganisation-to-deliver-next-stage-of-growth?utm%5Fsource=giftcard.news&utm%5Fcampaign=giftcard.news) — PayPoint

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![Portrait of Suzie Elis](https://giftcard.news/images/variants/v1/suzie-elis-editorial-portrait-w320.webp) 

About the author

## [Suzie Elis](https://giftcard.news/author/suzie-elis/)

Journalist — Gift Cards & Digital Gifting

Suzie Elis covers gift card products, digital gifting and distribution for Gift Card News.

From reading to building

## Your next move in gift cards.

Tell us what you’re building. We’ll help you explore suitable providers.

[Find a provider ](https://giftcard.news/find-a-provider/) 

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