Boat builders bounce back

Despite the failures of a number of high profile companies, New Zealand’s superyacht industry is in good health and recovering strongly from the financial crisis.

As reported in today’s National Business Review print edition, orders have been made for 10 $20-60 million boats in the past 10 months.

Four months after it completed the purchase of ProvencoCadmus’ assets, eftpos company SmartPay has lifted its operating profit guidance to between $1.5 million and $2.0 million.

The $4.5 million shift in profit for the year to March comes after a loss of $2.52 million last year and follows the company’s return to profitability in September.

Shares in merchant services provider SmartPay are in a trading halt pending a material announcement. Some of the company’s products are similar to those of eftpos company ProvencoCadmus, which fell into receivership on August 4.

Receivers are trying to sell ProvencoCadmus' businesses as going concerns.

Auckland-based etfpos and ATM specialist Task Transactions is assessing the fallout from the demise of rival ProvencoCadmus but won’t be drawn at this stage on whether it is interested in buying any assets.

ANZ National Bank appointed KordaMentha as receivers to NZX-listed ProvencoCadmus yesterday with the company saying it had insufficient funds to meet working capital requirements.

The company is carrying approximately $45 million of debt, with an interest bill of about $6 million a year.

Technology entrepreneur Peter Maire sounded despondent this afternoon after news broke that eftpos company ProvencoCadmus has gone into receivership.

"I'm bitterly disappointed with where things have ended,” Mr Maire, a director of ProvencoCadmus, told NBR.

He said it was agreed at the board meeting this morning that only the chairman would comment and he wanted to stick to that.