Threshers collapse hits Cashbox

Cash machine deployer Cashbox saw revenue ease in the second half of 2009 as the number of machines in its estate fell as a result of a major customer moving into administration.Revenue in the six months to 31 December 2009 eased to £3.37m from £3.43m in the latter half of 2008, though the number of transactions grew to 2.93m from 2.80m. The number of automated teller machines (ATMs) operated by the group dipped to 2,528 from 2,838, largely as a result of the demise of off licence chain Threshers. Cashbox used to operate 300 machines on behalf of Threshers. Ownership of these machines has been transferred to Cashbox in lieu of monies owed, and the machines are in the process of being redeployed. Management expects the machines to earn for the company than they did when part of the Threshers estate and therefore remains very confident of meeting market expectations for the full year.Losses narrowed to £1.20m from £2.48m in 2008. Adjusted losses before interest, tax, depreciation and amortisation totalled £0.14m, down from £0.86m the year before. 'The first quarter of this year delivered breakeven at an EBITDA level and the board is confident that this achievement will be consistently reproduced as the impact of the Thresher loss diminishes proportionately with new ATM installations, in line with market expectations,' Ciaran Morton, chairman and chief executive of the company said.