Jeff Barrow, executive chair, GRG International Limited, writes:
GRG International wishes to correct errors by Banking Day in its article on GRG's financial results published on
2 September.
• The headline "Suncorp ATMs hold back GRG" is inaccurate. The main reason for the company's overall loss was slower than anticipated sales from the company's US division and losses incurred from non-eFunds parts of the Australian business. GRG International is a new ATM business rapidly expanding and losses in the start-up phase are not unexpected.
• Whilst GRG expects to pay a smaller second instalment to finalise the purchase of eFunds, this is due to lower than anticipated performance from other business units within the eFunds business that have no association with the Suncorp agreement.
The claim in your article that the lower payment is due to "the disappointing performance of a fleet of Suncorp-branded ATMs owned by the group" is simply misleading.
• In addition, the statement, "One disappointment is that eFunds, or its client Suncorp, has been unable to commit to rolling out an additional 70 ATMs (on top of its present fleet of 240), which was projected at the time of the takeover nine months ago," is also incorrect.
This rollout was slower than expected in the June 2011 quarter. However the projected rollout target will be delivered within the stated time-frame of 12 months.