Debut dividend for Customers
ATM operator Customers Limited yesterday declared its debut dividend of eight cents a share, one of the fruits of the shift in the fee regime that applies to the use of automatic teller machines.The dividend and the reported profit might not have been quite as much as some were expecting, given a 34 cent or 14 per cent fall in the share price yesterday.Or perhaps investors in Customers are forming a view that any minority government in Australia might tinker with ATM fee charging as the Greens, who will hold the balance of power in the Senate next year, want.In its first full year of operations under direct charging Customers reported revenue of $117 million, up from $90 million in 2009 (where the new fees applied for four months of the year).EBITDA increased to $48 million in 2010 from $31 million the year before. Net profit was $18.6 million, up from $6.2 million in 2009. The second half profit was $7.2 million, down from $11.4 million in the first half.Transaction volumes increased in July and over the first few weeks of August, perhaps indicating a softening of the customer resistance to paying fees for using an independently owned, or another bank's, ATM.Customers returned $22 million in capital to shareholders in February and May this year and is also undertaking a share buy back.