BPS Technology extends Bartercard's reach

BPS Technology, the operator of the Bartercard system, has licensed Bartercard operators in China, India and South Africa since listing on the Australian Securities Exchange in September last year, taking the business into eight countries.

In its first full-year financial report since listing, the company reported a net profit of A$7.9 million for the year to June, exceeding its prospectus forecast of $6.5 million. Revenue was $48.1 million.

BPS Technology chief executive Trevor Dietz said in a statement that the company had invested in the business by buying back a number of "strategically significant" franchise areas.

Dietz said these businesses would be run as company operations and he expected them to achieve higher growth targets.

Bartercard is a proprietary reciprocal trading system whose member businesses trade goods and services with each other using a digital currency called a Trade Dollar. It has been in business for 23 years.

The business is structured around local trade exchanges. Bartercard has 21 franchises in Australia and 13 company-owned sites. In the US it has six offices, of which five are franchised. Globally, the company has 75 offices in eight countries.

A negative for the company was that it delayed the launch of its start-up mobile loyalty and rewards application, Bucqi.

"The decision allowed for some major enhancements to be made to the platform to increase its appeal and functionality in the burgeoning B2C payments and loyalty space," Dietz said.