ATM fees convert Customers cash

Automatic teller machine operator Customers Limited said use of its independently-owned ATMs was "returning to around 90 per cent" of the level prior to the 3 March 2009 shift to direct charging for ATMs.

This shift made the fee payable at ATMs owned by someone other than the customer's bank transparent at the time of withdrawal. That fee also becomes payable in full (by the customer's bank) to the owner of the ATM (such as Customers Ltd).

So while demand is down, but recovering, since March 2009 cash flows are also higher. The company described this somewhat vaguely as "strong revenue and cash flow uplift" since March 3 in the media release published alongside the 2009 financial statements for the company.

The main theme of the financial statements continues to be the reduction in debt and improvement in cash flow for the firm.

The firm said underlying EBITDA over the year to June 2009 roughly doubled to $24.8 million. EBITDA in the second half increased to $15.3 million from $9.5 million in the first half.

This will free the company to make a return of capital or pay dividends to investors. The board, in the media release, described this as making "an appropriate payment to shareholders early in the new financial year as the first of proposed sustainable bi-annual payments to shareholders."


Statutory net profit was $6.2 million, and the first time the company has reported an accounting profit since changing from a speculative mining stock to an operating business in the payments sector.