Cardpoint reports 'satisfactory' first quarter

Cardpoint reports 'satisfactory' first quarter

UK fee-charging cash machine operator Cardpoint says trading for the first quarter has been "satisfactory" with "good progress" being made on the integration of the Moneybox ATM estate.

In a trading update the vendor also says conversion of the cash machines acquired from HBOS to the charging model has now been successfully completed with the migration of almost 300 machines.

In November Cardpoint said it would remove around 1000 poor-performing Moneybox ATMs from its network and redeploy them in more profitable sites. In today's update the vendor says the first 250 machines which have been identified as making the largest losses are in the process of being moved.

Market analysts welcomed the news, saying the redeployment of underperforming ATM's could "assist performance considerably". Shares in the firm rose 2.25 pence to 96.25 pence following the update.

The vendor says it will also redeploy a further 350 units in the UK where the return is "marginal" to more profitable locations, as well as 200 in Germany and the Netherlands.

Cardpoint says it has now also moved Moneybox's UK ATM operations and management to Blackpool to be combined with its existing business.

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