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OPTIMISTIC: Bob Browning is confident Emerchants is in good shape to grow on a sustainable basis. Photo: Grant Currall

Emerchants banks on strong team

SUBIACO-BASED prepaid card provider Emerchants has faced a number challenges in its foray into the financial services industry, but chairman Bob Browning is confident the wealth of experience behind the firm will drive future growth.

A former chief executive of Alinta and Austal, Mr Browning leads a prominent cast of board members, including former Bank of Queensland head David Liddy and former Rothschild Australia Asset Management CEO Peter Martin.

Emerchants, formerly known as Adept Solutions, has also had the luxury of calling upon a high-power advisory group comprised of members such as former Woodside CEO John Akehurst and former Azure Capital managing director Mark Bamaba.

With former Netspend executive vice-pres-ident Tom Cregan at the helm as managing director, shareholders will be hoping the board’s experience translates to renewed success.

“Today, I am convinced that (Emerchants) is in far better shape to grow on a sustainable basis throughout coming years,” Mr Browning told shareholders at the company’s annual general meeting in Sydney.

Adept’s acquisition of Emerchants lifted shares to a peak of 65 cents in July last year, but shareholders have had little to celebrate since; shares hit an all-time low of just 5 cents last month after almost a year of constant decline.

Emerchants registered a total comprehensive loss of more than $10 million, or 16 cents per share, for the 2011-12 financial year.

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