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Vending Technologies dispenses sweet result

By Ben Dutton

Friday 1st December 2000

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New kid on the NZSE Vending Technologies Ltd (NZSE: VTL) has announced an unaudited net profit before tax of $1.8 million for the six months ended 30 September 2000 - a result that indicates its forecast full year profit will probably be easily achieved.

Vending Technologies is a smart vending machine operator, and since listing on the NZSE at the start of November 2000 its share price has gone haywire, delivering a solid return to investors in what has otherwise been a volatile market.

Revenues for the company also increased - they were up 365 percent from the corresponding period last year to $8.9 million.

Chairman Richard Janes says that the result clearly demonstrates the company's ability to achieve sustainable growth. "It is particularly gratifying to achieve such a sound financial result during a period when the company was also making substantial investments in people and systems and opening new markets," he says.

The long, hot summer that New Zealand hopefully has coming its way will be a bonus for Vending Technologies. Mr Janes says that softdrink sales peak between November and February because people get thirsty.- a fact that gives the directors of VTL confidence that the company will comfortably meet its full year earnings forecasts.

However, investors today sold off Vending Technologies' stock ahead of the announcement with the company finishing down 16 cents, or 9.5% to $1.51.

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