Stargroup ATM machine network hits its straps

ASX listed ATM machine operator Stargroup today announced that its Australia wide ATM machine network  had significantly outperformed key metrics in the month of October.

The company said that the number of transactions undertaken by its ATM network in October jumped by 11.49% to almost 78 000 transactions, a significant increase on previous expectations.

Stargroup also claims to have achieved industry leader status in the all important average number of transactions per ATM machine category in October after its average figure per ATM machine jumped by 8.64% to 654 transactions.

The company says that its average transactions per ATM machine figure is even better than those achieved by industry goliath DC Payments according to its last release the the Canadian Stock Exchange.

Stargroup Executive Chairman and CEO Todd Zani says the jump in transactions for October is both a reflection of the company’s ATM network now being bedded down and maturing and his disciplined approach to only placing machines at high volume locations.

Mr Zani says the company is now on track for an 8th record quarter in a row and after the current acquisition of Cash Plus is completed at the end of November, he expects the company to be achieving around 2m transactions per year from its combined ATM machine network, an increase on previous market guidance of 1.8m transactions.

Mr Zani said “..these results show that the integration of the iCash business has been excellent and considering we have just launched the StarPOS business, there are exciting times ahead for the Stargroup.”

The company now expects its annual revenues to touch $5m per annum when the integration of the Cash Plus network has completed and it also says the underwriting of its current capital raise to complete the transaction was significantly oversubscribed.

Stargroup (STL)

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