Moneybox reports signs of recovery

Moneybox reports signs of recovery

Loss-making independent ATM operator Moneybox is reporting signs of a recovery in its business with an upswing in daily transaction volumes in April.

In March the group reported a £3.42 million loss for the year ending December 2004 and warned that challenging trading conditions had continued in early 2005 due to the government enquiry and public debate on fee-charging ATMs.

At the time Moneybox said it remained confident that transaction volumes would improve after criticism of fee-charging machines died down and as its ATM estate was upgraded to meet chip and PIN and Link encryption standards.

In an upbeat trading statement, Moneybox reports a "good recovery" in daily transaction rate in April compared to levels achieved over recent months. The company says group profit before tax for the quarter ending 30 April 2005 is in line with expectations.

The company says it is still looking to secure new profitable sites for its ATMs and is re-deploying its under-performing sites and reducing the overall cost of service provision

Moneybox also reiterated that it had received bid approaches that may lead to an offer for the company, but specific details were not disclosed.

Shares in AIM-listed Moneybox were up 1.33% to 38.00 pence in mid-day trading.

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