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Eftpos machine provider Provenco said an accounting charge pushed it to an annual net loss of $5.2 million, down from a $3.8 million profit, but pretax earnings were in line with forecast.
The annual result, the first under new accounting standards, deteriorated on the back of $3.4 million goodwill amortisation. However, the previous year's net profit had more than halved due to paying more tax.
Earnings before interest, tax, depreciation and amortisation sank to $4.3 million from $14.6 million the previous year.
The high value of the New Zealand dollar had hurt earnings, the company said.
Revenue rose 11 per cent to $170.9 million, 60 per cent of it from Asia-Pacific retail technology distributor Vantex Technology Group.
The New Zealand eftpos business had seen low activity but was expected to pick up this year as terminals had to be updated to read new microchipped smartcards.
- NZPA