25 May 2012

Cardpoint buys Travelex cash machines

17/04/2007 Robert Tyerman

Cash machine specialist Cardpoint has paid £12.9 million for the automatic teller machines (ATMs) of money exchange group Travelex UK.

AIM-quoted Cardpoint, whose finance director Robin Gregson is leaving to be replaced by Philip Lanigan, is buying a chain of 1,070 ‘surcharging’ ATMs situated in ‘prime convenience locations’, such as ‘service station forecourts and convenience food restaurants’. The Travelex ATMs boast net operating assets of £12.7 million and lost £5.3 million last year after interest costs and depreciation.

Cardpoint, whose recently recruited chief operating officer Paul Saxton, 43, is now joining the board, said the Travelex acquisition is expected to dilute group profits this year. But chairman Bob Thian argued this ‘highly strategic acquisition will be materially accretive [sic] to earnings in the first full year following completion’ of the deal.

At 93p, up 1.75p this morning, Cardpoint shares are well below their 146p peak of 2005.They are speculative.

Sector: General Industrials

Companies: "Payzone (suspended on 5 February, 2010)"

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