Smartpay makes profit

Eftpos system provider Smartpay made a net profit before tax of $473,000 in the six months to September 30, including six weeks trading from the ProvencoCadmus assets it purchased from receivers.

The profit is a turnaround from a $2.4 million loss in the same period last year.

Operating revenue rose 1.3 per cent to $17.9 million.

Earnings before interest tax depreciation and amortisation (ebitda) were $1.52 million, which was also a turnaround from a loss of $2.05 million last year.

Smartpay expects ebitda for the year to March 2011 to range between $7 million and $10 million.

- NZPA