Smartpay first-half profit rises 70% on currency benefit, epay contribution

Wednesday 26th November 2014

Smartpay, the listed payments terminal supplier, posted a 70 percent gain in first half profit as it benefited from currency movements and revenue from its partnership with Euronet Worldwide's epay unit.

Profit was $1.5 million in the six months ended Sept. 30, from $900,000 a year earlier, the Auckland based company said in a statement. Sales rose 4 percent to $11.8 million.

The company has widened its footprint this year by taking over epay's 2,500 terminals in New Zealand and rolled out a taxi booking and payment app that it is preparing to also offer across the Tasman. Managing director Bradley Gerdis didn't offer a forecast for the full year, saying he was "very confident of the company’s current and future prospects."

Earnings before interest, tax, depreciation and amortisation rose 2 percent to $4.8 million, once a year-earlier one-time item is stripped out.

Smartpay shares fell 9.1 percent to 20 cents and have declined 31 percent this year.

BusinessDesk.co.nz

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