STOCK WATCH

PAYPOINT has set aside £12.5m to cover the potential fallout of an Ofgem investigation into how it allegedly used its strong position in the market to exclude competitors.

The firm said it had made the provision as a ‘current best estimate’ as it awaits a final decision from the energy regulator. Ofgem claimed in September that between 2009 and 2018, Paypoint had dominated the market for prepayment energy customers.

Pre-tax profit for the 12 months to the end of March fell more than 61pc to £19.4m, in part due to the provisions set aside because of Ofgem. Shares fell 0.2pc, or 1p, to 588p.