News

UK's Moneybox shuffles management in wake of disappointing earnings

October 12, 2004

www.scotsman.com:Moneybox, which operates and supplies "convenience ATMs" in the United Kingdom and Europe, announced changes to its personnel positions Oct. 12. The changes, said new Moneybox executive Chairman Peter McNamara, are expected to help the company grow its business and "deliver value to shareholders." The restructuring, McNamara added, will result in a restructuring charge of about $890,000, which will be booked in the full-year accounts.

The changes include the shift of key Moneybox players, like that of Kieron Abernethy, the former chief operating officer who resigned from his position, who has been replaced with Andrew Neubauer, the former commercial director.

In September, the company announced that its full-year profits would fall short of market expectations by around $2.7 million.

The company's board said it had received a number of takeover bids, but none of those bids were high enough.

Moneybox plans to issue a pre-close trading statement in mid-December.

The company, which launched its first convenience ATM in June 1999, also announced last week an expansion of its ATM network across premises owned by catering giant Compass. Moneybox now reports that it should "maximize the profitability of its existing ATM estate" and "grow its ATM estate in new ways and new markets."

The company expects to reduce overhead and sales costs in running its ATMs as well as improve estate-management to get rid of unprofitable ATM machines.

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