Stargroup ATM revenue increases 65%

Published at Apr 6, 2016, in Technology

Stargroup (ASX:STL) today announced further record revenue increases as it continues its quarter on quarter rise.

The figures released by STL represent its ninth quarter in a row of record revenue.

Further to its revenue figures, STL’s ATM transactions were up by 51% on the previous quarter.

“The transactions on our ATM network were up 51% on the previous quarter and this is the second quarter that we have delivered greater than 50% growth,” said Stargroup CEO Todd Zani.

Our total revenue in the last quarter was 85% of the revenue achieved in the entire first half year result and this is testament to our disciplined principle of only placing our ATM machines in high quality sites that our experience tells us will yield acceptable capital returns.”

STL has successfully migrated all of its Cash Plus ATMs acquired in December and is now taking market share.

“Our sales pipeline looks very good in the next quarter also,” said Mr Zani.

Looking to the future, STL is now in a position to increase the scale of its ATM operations and revisit key supply contracts.

The company is also working closely with Claim Co and Anthem Software to finalise the IP development of the mass rollout of its Eftpos/pay wave offering.

This will be rolled out to 50,000 people and the broader Australian market, creating a positive overall outlook for 2016.

“We are continuing to build a very solid ATM network and the release of the recycler ATM and our EFTPOS IP in the next quarter will allow us to continue to deliver consistent growth as part of the long term plans,” Mr Zani said.

Growth includes organic expansion of quality ATM sites, targeting smaller unlisted ATM deployers for mergers and acquisitions, entering the EFTPOS space, rolling out new technology products such as the recycler ATM and further sales of NeoICP ATMs and software in Australia.

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