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Moneybox's '04 results below expectations

December 14, 2004

This is London: Pre-tax profits at independent ATM operator Moneybox are set to hit £3 million (U.S. $5.8 million) for 2004. Shares in the Alternative Investment Market-listed company fell 1 pence to 36 pence (U.S. 69 cents) in early trading Dec. 15.

In a trading statement, the company said profits would be in line with estimates made in its results from September, when the board said earnings would be £500,000 (U.S. $971,000) below analysts' estimates of £3.4 million (U.S. $6.6 million). 

The number of machines operated by Moneybox has increased 15 percent in the UK from 2,471 to 2,830 in 2004. In Germany, where the company sees "particularly exciting prospects for expansion," the number of ATMs rose from 178 to more than 400.

The UK's Treasury Select Committee is due to begin an investigation into ATM fees assessed by independent operators like Moneybox next week.

"We have made a detailed submission to the committee and are confident that we can demonstrate that independent ATM deployers provide choice and a service which is valued by consumers," Moneybox said in a statement. "We have also pointed out that the transparency of our charges is in marked contrast to other card-based transactions."

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Read related story from our archives: UK's Moneybox shuffles management in wake of disappointing earnings