Turnover up, but losses widen at Cashbox

Source: Cashbox

Cashbox (AIM:CBOX), the independent ATM deployer and operator, announces its maiden set of results for the year ended 30 June 2006.

Highlights
  • Successful listing on AIM in March 2006, raising £4.5 million before expenses
  • Turnover increased 25% to £3.16 million (2005 - 10 months: £2.53 million), an annual equivalent increase of 4.1%
  • Turnover from transaction income increased 93.6% to £2.84 million (2005 - 10 months: £1.47 million), an annual equivalent increase of 61.3%
  • ATM estate now at over 1,200 machines, up from 845 at 31 December 2005
  • 96% of Cashbox's ATMs are trading above their breakeven point and 98% are available for use
  • Significant agreements signed with Wadworth, Chevron/Texaco, among others


Commenting on the results, Carl Thomas, Chief Executive of Cashbox, said: "We are pleased with the progress that Cashbox has achieved over the last twelve months. The Company's successful listing on AIM in March has obviously provided us with a good platform for the future, however, it is the quality of our business model, strong market demand for our product and pragmatic commitment of our employees in delivering the very highest levels of service to our expanding customer base that has driven this business forward so successfully."

"We hope that Shareholders will share the Board's satisfaction with our early achievements, and our confidence that with the potential offered by our markets and the quality inherent in our people, we view the next twelve months with considerable optimism."

CHAIRMAN'S STATEMENT

It is my pleasure to introduce to you Cashbox's first results, for the year ended 30 June 2006 since the AIM float.

The Company's performance was in line with our expectations - turnover was £3.16m (2005; ten months: £2.53m) and we made a loss of £2.39m, excluding exceptional items, £3.56m including exceptional items (2005; ten months: £1.89m). Operating costs increased from £2.46m for the 10 month period to 30 June 2005 to £3.06m, an annualised increase of only 3.6% and gross margin increased from 25.9% (2005) to 28.9%. ATM transaction income was up from £1.47m (2005) to £2.84m, an increase of 93.6% compared to the 10 month period and 61.3% on an annualised basis.

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