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Cardpoint records GBP1.1 million profits in H1

Cardpoint, the fee-charging cash dispenser company, has recorded first half profits of GBP1.1 million, a 175% increase on the previous year.

<p>The group attributed the strong growth to the Moneybox acquisition and completed integration of its acquired portfolio of ATMs from the HBOS estate.<br /><br />Turnover is up 78% to GBP47.5 million, with fully managed and through-the-wall machines accounting for over 85% of UK turnover.<br /><br />Convenience appears to be the key to Cardpoint&#0039;s success. It positions machines in convenient locations where banks are not always close to hand, often charging GBP1.85 per transaction, according to a report by the Daily Mirror newspaper.<br /><br />Cardpoint also recorded exceptional costs of GBP1.5 million relating to the Moneybox acquisition in line with estimates and GBP1.2 million incurred in the period<br /><br />The group said it had now removed of the first tranche of 230 underperforming Moneybox cash machines and reduced Moneybox&#0039;s operating costs of GBP2.4 million. A marketing campaign is now underway to increase transaction numbers from other underperforming Moneybox sites.<br /><br />This increase reflects the contribution from the Moneybox cash machine estate and a full 6 months contribution of approximately 300 cash machines from the HBOS estate which have been migrated to charging said Mark Mills, CEO.<br /><br />Cardpoint remains positive for the future, claiming the UK cash machine market is demonstrating growth in transaction value, with potential for further growth in Germany.</p>