20 September 2017
Find out more

Cardpoint shares fall on profit warning

29 November 2005  |  4638 views  |  0 ATM

Shares in fee-charging cash machine operator Cardpoint have plummeted after the company said its short term profits would be hit by underperforming Moneybox ATMs.

Cardpoint shares were down 43% to 72 pence in mid-afternoon trading after the firm said it would remove around 1000 poor-performing Moneybox ATMs from its estate, some of which will be redeployed in more profitable sites. This will cause a delay in implementation of new sites that will affect the firm's short-term profits.

Furthermore, Cardpoint says while integrating the Moneybox business, which it acquired in August, it has had to process a "significant level of accounting and fair value adjustments" which have reduced the net assets of the unit by £5.9m.

The news comes as the group reports widening losses of £11.5m for the year ending 30 September 2005, from £3.1m in 2004. The company says the increased losses are due to higher goodwill charges, £9.3m of which relate to its purchase of ATMs from HBOS, while £2.9m relates to Moneybox for the period following its acquisition of the business.

Despite this the firm is reporting a 66% increase in turnover for the year, which rose to £61.1m, compared to £36.8m a year ago. Ebitda is up 98% to £8.9m, from £4.5m in 2004, while profit before tax, goodwill amortisation and charges for share based payments, excluding Moneybox, increased by 93% to £3.6m, from £1.9m in 2004.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Nationwide introduces clearer signs for free ATMs; Cardpoint cashes in

Nationwide introduces clearer signs for free ATMs; Cardpoint cashes in

29 September 2005  |  7207 views  |  0 comments
Cardpoint buys Moneybox for £87.3m

Cardpoint buys Moneybox for £87.3m

14 July 2005  |  8987 views  |  0 comments
Cardpoint hit by ATM conversion delays

Cardpoint hit by ATM conversion delays

16 May 2005  |  4703 views  |  0 comments
Cardpoint meets targets, cuts HBOS purchase price estimates

Cardpoint meets targets, cuts HBOS purchase price estimates

19 January 2005  |  4620 views  |  0 comments
Consumer group slams charging at ATMs

Consumer group slams charging at ATMs

23 November 2004  |  4114 views  |  0 comments
Cardpoint profits soar

Cardpoint profits soar

22 November 2004  |  4278 views  |  0 comments
Cardpoint pilots mobile top-ups on ATMs

Cardpoint pilots mobile top-ups on ATMs

30 September 2004  |  4053 views  |  0 comments
HBOS sells off-site cash machines to Cardpoint for £75 million

HBOS sells off-site cash machines to Cardpoint for £75 million

26 May 2004  |  7097 views  |  0 comments
Cardpoint acquires mobile top up firm

Cardpoint acquires mobile top up firm

02 July 2003  |  3935 views  |  0 comments
Cardpoint in reverse takeover of Securicor Cash Machines

Cardpoint in reverse takeover of Securicor Cash Machines

29 May 2003  |  4140 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.vasco.comdownload the paper nowvisit www.sibos.com

Who is commenting?

Top topics

Most viewed Most shared
HSBC switches on selfie payments in ChinaHSBC switches on selfie payments in China
11157 views comments | 24 tweets | 40 linkedin
Equifax hack: Visa and Mastercard flag 200k compromised credit cardsEquifax hack: Visa and Mastercard flag 200...
10469 views comments | 6 tweets | 17 linkedin
Dutch bank sentences teenage DDoS culprit to community serviceDutch bank sentences teenage DDoS culprit...
9241 views comments | 6 tweets | 3 linkedin
UAE banks pool cyber security dataUAE banks pool cyber security data
7735 views comments | 5 tweets | 4 linkedin
ING moves into digital wealth management with Scalable CapitalING moves into digital wealth management w...
7514 views comments | 14 tweets | 15 linkedin

Featured job

circa £250K total package
London

Find your next job