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Listed payment systems company Smartpay increased revenue by eight per cent to $50.8 million year-on-year for the half year to 30 September but saw profit decline from $2.6 million to $907,000.
The result reflected ongoing growth in the Australian payments market in what Smartpay described as an “economically challenging” period for its customers.
“We have delivered against our plan, with ongoing growth into the Australian market focused on verticals where we see strong unit economics and investment in the execution elements of the New Zealand opportunity,” chair Greg Barclay and CEO Martyn Pomeroy said in a joint statement.
Late in the half, Auckland-based Smartpay bought the 5,000-plus terminal fleet of failed Dunedin-based competitor Technology Holdings from the group’s administrator for $3.9 million.
That deal increased the size of Smartpay’s New Zealand fleet by around 20 per cent.
“We have continued to invest in our Australian opportunity with the launch of our next generation Android terminal supported by a nationwide brand campaign, both have been extremely well received by our customers,” Smartpay told shareholders.
“We are also in the early stage of investment into our New Zealand opportunity, engaging with our customers to promote our pending entry to the New Zealand acquiring market.”