News

Aussie ATM independent puts up big post-merger numbers

September 6, 2016

Perth-based IAD Stargroup reportedly has told the Australian stock exchange that revenues grew 50 percent in August compared with the same month in 2015. The company said that year-to-date revenues have improved 149 percent over the same period in 2015.

According to an article by Business News, Stargroup expects quarterly revenues of AU$1.8 million ($1.4 million). This compares with AU$1.2 million ($920,000) a year ago and approximately AU$100,000 ($76,765) reported in March 2014, the publication said.

The extraordinary growth is attributable to Stargroup’s aggressive acquisition strategy, which it announced last year upon the completion of its own merger with iCash.

Australia now boasts a total of 32,156 ATMs, according to numbers from the Australian Payments Clearing Association cited by Business News. This compares with 30,000 in 2012, indicating that the Australian ATM market is continuing to grow, if slowly.