Eftpos terminal company SmartPay, which acquired the payments division of rival ProvencoCadmus from receivers, has reported a loss before tax of $2.648 million in the year to March 31 from a loss of $4.748m last year.Earnings before interest, tax, depreci
Eftpos terminal company SmartPay, which acquired the payments division of rival ProvencoCadmus from receivers, has reported a loss before tax of $2.648 million in the year to March 31 from a loss of $4.748m last year.
Earnings before interest, tax, depreciation and amortisation of $2.035m were a turnaround from a loss of $2.454m last year and achieved on a 16 percent increase in revenue. The loss before tax was affected by non-recurring items.
The past year was one of unprecedented growth, said managing director Ian Bailey.
"We started the financial year with a new structure and focus. In August, we bought the payments division of ProvencoCadmus, quadrupling the size of our business.
"Since then we have been working very hard to further streamline and improve operations and restructure the balance sheet," he said.
The opportunistic acquisition of ProvencoCadmus was largely funded by debt in a difficult credit market.
With additional borrowings in place, SmartPay now needed to address its debt-to-equity ratio and attract new capital.
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