Moneybox turns in loss after 'eventful' flotation year

Moneybox turns in loss after 'eventful' flotation year

UK independent ATM operator Moneybox has turned in a £3.42 million loss for the year ending December 2004, marred by exceptional charges of £4.3 million related to its AIM flotation, aborted acquisition and bid defence costs, reorganisation and restructuring costs and loss on fixed asset impairments.

The vendor, which underwent a boardroom reshuffle and business restructuring after declaring a profit warning last year, says it expects to incur a further £2 million in charges in 2005 as the re-organisation continues.

The firm says the challenging H2 trading conditions have continued in early 2005, reflecting ongoing public debate about fee-charging ATMs and technical machine upgrades for Chip and PIN and Link encryption mandates.

Peter McNamara, Moneybox chairman says: "Our first year as a public company has been eventful. The profits warning in September 2004 led to significant changes at board level and a subsequent restructuring of the business to cut costs, improve operating margins and streamline operations. While the business remains focused on top line growth, the new management team has been careful to ensure that capital is only committed to opportunities that generate an attractive rate of return."

Shares in the vendor, which hit a year low of 19.5 pence in October, remained stable at 35.75 pence.

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