Provenco signs first European contract

Electronic payment company Provenco Group today signed off on its first European deal, providing eftpos technology to oil giant Shell's 200 Belgian petrol stations.

The $3.5 million contract covered the design, development and delivery of electronic and outdoor payment systems.

Provenco chief executive David Ritchie said the deal was a "significant step" in Provenco's international growth strategy.

The company signed a major contract with Shell in late 2004 to supply outdoor payment terminals to Shell outlets in the Asia Pacific.

That relationship has since expanded to the United States, the Middle East, India and China.

"Our work with Shell in Asia and now in Europe shows that Provenco is a truly global business and able to assist its customers across different countries, cultures and time zones," Mr Ritchie said.

Trade Minister Phil Goff described the deal as an "excellent example of a New Zealand company competing internationally".

Shares in Provenco traded up 2c at 80c on the news.

The company last week issued a profit warning , forecasting a June year net profit before one-offs and amortisation of $7-$7.3 million against an earlier forecast of $9m.

- NZPA