News

Australian IAD Stargroup reports stellar earnings for fiscal Q3

April 7, 2017

This week, Aussie IAD Stargroup announced its 13th consecutive quarter of record-setting revenues in an earnings report for fiscal Q3 2016–2017.

Revenues for quarter shot up 133 percent year over year and 296 percent year-to-date for the fiscal year, according to a report by The West Australian.

"Our Q3 ATM revenues were a 15 percent improvement when compared with the prior quarterly result and our total group revenues have also improved 11 percent when compared over the same period, which is an excellent result for the quarter," CEO Todd Zani said in the report.

Stargroup expects to see an additional 27 percent rise in the current quarter resulting from organic growth and the company's pending acquisition of InDue, an Australian ATM reseller and provider of ATM switching, settlement, processing and telecommunications.

The deal had been scheduled to close March 13, but funding was delayed. Zani said he was confident that it would be completed by the end of April.

Stargroup is Australia's only exchange-listed ATM deployer. The company currently operates more than 300 ATMs in Australia and New Zealand and recently posted half-year revenues of more than AU$4 million ($3 million), according to The West Australian.