Malaysian sales boost Eftpos group profits

New outdoor payment technology for petrol stations in Malaysia has helped boost profits for Eftpos company Provenco.

Provenco said yesterday that it had lifted its December half-year profit more than 75 per cent.

Chairman David Wolfenden said the strong performance reflected Provenco's transformation into a broad-based business technology group.

"In particular, the six-month performance is the result of good growth in the international markets for Provenco's world-leading retail forecourt solutions for the oil industry."

He said that Provenco's previous forecast full-year operating profit of more than $6 million, remained.

"This would be 18 per cent growth on last year's operating profit of $5.1 million and would be the third year of growth in operating profit," Wolfenden said.

That was backed by a solid performance from domestic based businesses of store and warehouse automation systems for the retail sector, he said.

Chief executive David Ritchie said new outdoor payment hardware and software forecourt technology for petrol stations in Malaysia had been an outstanding success. Some 5000 outdoor payment terminals had been sold there before the end of December.

"This is solid proof of the group's ability to provide world-class hardware and software solutions within timeframes demanded by blue chip customers," Ritchie said.

The company has already announced an intention to pay a 3c per share fully imputed dividend after the end of the financial year. It would be the first dividend since 1997.

Ritchie said Royal Dutch/Shell group had contracted Provenco to provide terminals at Shell's retail network in various countries within the Asia Pacific region. Most of the terminal deliveries are expected to take place in the 2006 financial year. He said the domestic businesses built around retail store automation and warehouse management systems, including Eftpos terminals, had had a strong six months.

- NZPA