Cardpoint reports first half trading update

Source: Cardpoint

Cardpoint announces satisfactory trading for first half of year and progress on Moneybox integration.

Strong growth reflecting Moneybox acquisition and completed integration of HBOS estate.

  • Turnover up 78% to £47.5m (2005: £26.6m)
  • Fully managed and through the wall machines account for over 85% of UK turnover
  • EBITDA up 116% to £7.0m (2005: £3.2m)
  • Profit before tax, goodwill amortisation, share based payments and exceptional items up 175% to £1.1m (2005: £0. 6m)
  • Exceptional costs of £1.5m relating to the Moneybox acquisition in line with estimates and £1.2m incurred in the period

Progress with Moneybox integration

  • Removal of first tranche of 230 underperforming Moneybox cash machines completed
  • Reduction of Moneybox operating costs of £2.4m
  • Marketing campaign underway to increase transaction numbers from other underperforming Moneybox sites

HBOS migration to charging completed

  • Approximately 300 cash machines migrated to charging

Confidence in the future

  • UK cash machine market demonstrating growth in transaction value
  • Potential for further growth in Germany

"Trading for the first half of this year has been satisfactory. Turnover for the six months ended 31 March 2006 has increased by 78% to £47.5m, compared to the equivalent half year period and EBITDA has increased by 116% to £7.0m. This increase reflects the contribution from the Moneybox cash machine estate and a full 6 months contribution of approximately 300 cash machines from the HBOS estate which have been migrated to charging.

We continue to focus on the integration of Moneybox and have completed the removal of the first tranche of underperforming cash machines in the Moneybox estate, resulting in a reduction in operating costs. Our focus is on increasing transaction numbers from other underperforming cash machines in the estate via a marketing campaign and some success has already been achieved in this area.

We look forward to the second half of the year and continued steady progress."

Mark Mills, CEO Cardpoint plc

Comments: (0)