Provenco profits fuel solid growth

Provenco profits fuel solid growth

BOOSTED by strong annual financial results retail technology specialist Provenco Group believes it has a solid platform for future growth.

According to Provenco chairman David Wolfenden, the positive result was a combination of success in overseas and New Zealand markets. He says the $8.6 million net profit after tax exceeded board expectations and anticipates that figure will be over $9 million next year.

David Ritchie, chief executive, says all areas of the company contributed to the 58% revenue increase and says it’s a great result.

“Over the past year we completed a successful rollout of our outdoor payment terminals across Malaysia, plus developments in China and a contract in the Middle East support the future for this technology,” he says.

In the last 20 years Provenco has expanded from its original Eftpos business to provide retail automation to the oil industry, software development, mobile computing and, most recently, it launched Vantex Distribution after a period of strategic acquisitions.

Ritchie is the first to admit his company has gone through a lot of changes over the years but says Provenco now has a solid, stable base of operating profits going forward, coupled with significant growth opportunities.

On the retail automation front he expects to see further expansion into new regions, including China and North America, fuelling further growth.

“Locally, Provenco has market leadership in payment and other retail technologies and has seen very significant growth in the sale of Eftpos terminals as the mandated change to new hardware continues.”

The introduction of the Europay Mastercard and Visa (EMV) — a new form of electronic payment security — Eftpos standard to New Zealand has been broken into three stages, beginning next January, and requires all terminals to be updated by 2007.

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