Cashbox H1 losses widen; adds Auger as CFO, Hughes as non-exec director

Source: Cashbox

Cashbox (AIM:CBOX), the independent Automated Teller Machine ("ATM") deployer and operator, announces its interim results for the six months ended 31 December 2006 (H1 06/07).

Anthony Sharp, Executive Chairman said "Our sales force has continued its momentum but lack of timely funds from our lease provider delayed our abilityity to roll out ATMs as quickly as we would have liked, however the foundations remain in place to drive this business forward".

Highlights
  • Merchant contract wins increases potential ATM sites to over 80,000
  • Installed estate increased to 1,245 despite difficulties with lease provider
  • Turnover up 30% from preceding six months and 57% from the same period last year
  • Gross margin up slightly from H2 05/06 but lower than the comparable period H1 05/06 which benefited from higher service income
  • Net debt at period end £0.3m, unchanged from H2 05/06
  • New £2.8m loan facilities signed in 2007


Separately Cashbox PLC (AIM: CBOX), the AIM listed independent ATM deployer and operator, is pleased to announce that it has strengthened its Board of Directors with the appointment of David Auger as Chief Financial Officer with effect from Monday 2 April 2007.

David will also become Company Secretary.

David Auger is a chartered accountant, previously with PricewaterhouseCoopers, and has extensive public company experience through a number of senior group finance positions, including ICI, Invensys and more recently CP Ships, a US$4 billion turnover company previously listed in Canada, where he held the position of Group Financial Controller. David has been working with Cashbox since February 2007.

Darren Woolsgrove, the current CFO is moving to a more operational role while the search for a new Chief Executive is undertaken. Darren indicated a desire to ultimately seek a new challenge after the successful flotation of Cashbox and is seeing through his commitments made at that time last year and will be stepping down as a Director once the CEO search is completed.

Anthony Sharp, Executive Chairman of Cashbox, commented: "We are delighted to have been able to appoint somebody of David's calibre as CFO. The expertise he brings with him from high profile organisations such as PricewaterhouseCoopers and ICI will be of great benefit to Cashbox as we grow towards profitability and beyond."

David Auger, stated: "Cashbox is clearly at an exciting stage of its development and I look forward to contributing to its future success."

David Auger, aged 39, is currently a director of Seven One Films Limited and Owain Glyndwr Limited, and within the last five years was a director of Seven One Development Slate Limited, CP Ships Number 1 Limited, CP Ships (Bermuda) Limited, CP Ships Holdings (Bermuda) Limited and Container Equipment Leasing Limited.

Separately, Cashbox PLC (AIM: CBOX), the AIM listed independent Automated Teller Machine ("ATM") deployer and operator, is pleased to announce that it has strengthened its Board of Directors with the appointment of William Hughes CBE as a Non Executive Director.

William is currently the Chairman of Fairfax I.S. PLC, an investment bank and Member of the London Stock Exchange.

William was the Chairman of Grampian Holdings PLC from 1985 to 1998 having previously been Chief Executive from 1976. Grampian Holdings PLC was an industrial holding company with both UK and International interests employing over 5,000 staff.

He was Non Executive Chairman of Aberforth Smaller Companies Trust PLC for 15 years. Joining upon inception in 1990 with £13m under management, the Company had a market capitalisation of just over £500m at the time of his retirement in 2005.

William is a Trustee of the Prince's Trust UK, and a Trustee of The King George Jubilee Trust. He is also the Chairman of the Prince's Trust ( Scotland).

In addition, he has been a Director of the Foundation for Accountancy and Financial Management representing the Scottish Institute of Chartered Accountants and served as the Chairman of the CBI ( Scotland).

William Young Hughes, aged 66, is currently a director of Fairfax I.S. PLC, The Prince's Scottish Youth Business Trust Limited and Strathcarron Hospice, and within the last five years was a director of Aberforth Smaller Companies Trust Plc, Develica Management Limited and Savoy Asset Management Plc
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