Stargroup has posted an incredible 14th quarter of record revenues in a row as the company completes a transformational FY17 on its journey from minor to major ATM machine industry player. In another stellar quarterly result, June quarter revenues were up 144 per cent with the company hinting they might also double their FY18 revenue guidance.
Stargroup has delivered an incredible 14th straight quarter of record revenue, with total revenues for the three months to June jumping 144 per cent compared to the same quarter last year at the ASX-listed ATM machine and financial payments company.
In a market update this week, Stargroup said it posted over $2.7 million in revenues for the June quarter, representing a 164 per cent lift in year-to-date total revenues and a 12 per cent uptick on its previous best-ever quarter.
The strong top-line numbers for Stargroup cap off a transformational FY17 at the Perth-headquartered company, which has gone from a small, privately owned ATM machine operator to the largest ASX listed ATM machine deployer in Australia.
In particular, the robust revenue figures follow the company’s much anticipated completion of the acquisition of Indue Ltd’s significant ATM machine servicing assets in May. That deal means that Stargroup can now settle, switch, process and remotely monitor ATM machine transactions for other industry operators, giving it ownership up and down the ATM value chain.
Stargroup CEO Todd Zani said: “We are proud to have achieved another record quarter of revenue, our 14th in a row and our annual total revenue increase of 164% is a significant result. This time last year we originally had a milestone revenue target for FY17 of $5 million and our actual revenue was nearly double that amount this year.”
Looking ahead, management said the company was set to double its original revenue estimate of $10 million for FY18, and would likely maintain its current revenue growth trajectory over the coming financial year.
Stargroup management have uniquely positioned the company over the last two years by developing a number of stand alone income streams, significantly de-risking the business.
The company now boasts hundreds of its own ATM machines on the streets that provide it with a direct financial benefit and another 2,400 machines owned by other operators who pay Stargroup to switch and settle their financial transactions.
The company has also thrown itself into the EFTPOS market and is actively pursuing this line of business.