The Board and Management of iCash Payment Systems Limited are pleased to release the Appendix 4E, Preliminary Final Report for the Financial Year 2008/09, the first year that the Company has recorded a bottom line profit. The net profit after tax is $ 2.5 million after only three years as an ATM and Payments Group. This profit performance coincides with an outstanding year for our business with exceptional growth in Australia, outstanding accomplishments in international markets and a forward looking strategy that is already in place to ensure successful and sustainable business in the future.
Australian operations contributed $ 2.4 million to the result with less than four months of direct charge revenues. Our major achievements through the year includes the: introduction of the cashPod ATM; awarding of a $30 million contract to our Korean subsidiary by Lotte Group, one of Korea’s largest conglomerates; the installation of the cashPod Go on buses in Korea; launch of ReMoCon, the Remote/Mobile Connectivity solution which resulted in Cruise liner deployment; and the acquisition of core ATM technologies to reduce third party commercial dependence.
The achievement of these milestones together with the Group’s focus on securing substantial retail alliances in the region, are expected to contribute substantially to net earnings from 2009/10.
Through our vertical integration model, iCash successfully launched the cashPod ATM, the first ATM designed in Australia to meet or exceed the requirements for inclusion on the Australian Payments and Clearing Association (APCA) Approved Devices List. APCA is the ATM industry’s peak oversight body.
The APCA standards primarily relate to transaction integrity and data security and can be likened to a vehicle with stability control, anti-skid brakes and airbags as they are designed to give added security to patrons. Another feature of the cashPod is the built in harm minimisation program, known as iREP (Responsible Entertainment Pack) that contemplates the changes to gaming legislation and patron protection so it can coexist in venues where gaming is allowed.
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41.0¢ Sentiment: Buy Disclosure: Held
