New distribution deals boost Smartpay earnings

Australasian payments processing company Smartpay Holdings reported strong growth in earnings during the September half, on the back of a number of new distribution deals and a positive currency impact.

Smartpay made a net profit of NZ$1.5 million over the six months to September - an increase of 69 per cent over the previous corresponding period.

Revenue was up four per cent to NZ$11.8 million. The New Zealand operation contributed revenue of NZ$9.9 million, while the Australian operation contributed NZ$1.9 million.

During the half-year, Smartpay won a contract to supply a mobile point of sale service to ASB Bank.

The company said it had deployed more than 1000 new merchant terminals in the Australian market since the beginning of the year. It has also been working on a "significant Australian state government transport authority payments project."

Smartpay also launched a taxi payments business in New Zealand and has plans to launch a similar service in Australia in the current half.