Cardpoint H1 underlying pre-tax profit more than triples

Source: Cardpoint

Cardpoint, the market leader in the independent cash machine sector in the UK and Germany, announces the Company's interim results for the six months ended 31 March 2007.

Operating highlights
  • Strengthening of the Board and operational management following the appointment of Executive and Non-Executive Directors
  • Continued growth in the UK ATM estate, particularly in higher yielding through the wall machines
  • Continued expansion in Germany with the addition of over 60 new machines
  • Acquisition of the ATM estate of Travelex UK in April 2007 adding a further 1,070 machines in the UK
  • Divested non-core businesses and closure of loss-making Netherlands business

Financial highlights
  • Turnover for continuing operations of £40.8 million (2006: £40.7 million)
  • Underlying profit before tax* up 250% to £3.9 million (2006: £1.1 million)
  • EBITDA* up 42% to £9.9m (2006: £7.0 million)
  • Strong operating cash flow up 145% to £7.4 million (2006: £3.0 million)
  • Adjusted earnings per share* up 206% to 3.58p (2006: 1.17p)

Bob Thian, Chairman of Cardpoint, said: "Cardpoint has made good progress during the first half of 2007, with substantial increases in profit and earnings reflecting the encouraging start to the year and the efforts taken to improve margins. Although we have seen a softening in revenues we remain on budget at the half year.

"The business is making good progress and the recent acquisition of the ATM business from Travelex will provide material earnings accretion in 2008 and beyond."

* before goodwill amortisation, charges for share based payments and exceptional items

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