Provenco bullish on full year outlook

Electronic payments systems company Provenco today said strong domestic and international trading in the first half meant it expected to exceed last year's full year result.

In August, Provenco reported a net profit of $4.1 million for the year ended June, turning around a $6.4 million loss the previous year.

Today, Provenco chairman David Wolfenden said the first six months of the financial year were showing high levels of activity for the company's domestic and international businesses.

"This is expected to translate into a very solid operating profit before tax and unusual items for the first six months of in excess of $4 million.

"Looking forward to the full year it is too early to accurately forecast, but we anticipate being ahead of last year's trading result."

Provenco this week announced it had won a contract to supply outdoor payment terminals for Shell's retail service station network within the Asia-Pacific region.

The contract was potentially worth as much as US$9 million ($13.3 million).

Provenco shares rose 9c to 80c on opening this morning.

- NZPA