Strong growth in its Australian payment terminal fleet has translated into a surge in revenue and earnings for Smartpay Holdings.  In the year to March, the company increased the number of terminals in Australia by 62 per cent to 15,700, and in New Zealand terminal numbers were steady at 31,000. It said it is adapting its successful approach to the Australian market to relaunch its business in New Zealand, which has stagnated since the sale of that business was aborted in 2020.  Smartpay claims a 6.3 per cent share of the terminal market in Australia at the end of March – up from 3.9 per cent a year earlier. The company said its relationship model and innovation explain why it is winning share. It also made a big investment in marketing, with spend up from NZ$4 million in 2021/22 to NZ$6.9 million in 2022/23. Australian revenue grew 94 per cent to NZ$60.5 million year-on-year, while NZ revenue was down 2 per cent to NZ$14.6 million. Overall, revenue was up 62 per cent to NZ$77.8 million. EBITDA grew 81 per cent to NZ$18.4 million and net profit increased fourfold from NZ$2.2 million in 2021/22 to NZ$8.5 million in 2022/23. The company reported operating cash flow rising from NZ$11.8 million to NZ$18.6 million year-on-year, free cash flow (after subtracting capex) of NZ$4.8 million and a reduction in bank debt. Total borrowings fell from NZ11.3 million to NZ$10 million. In 2019, Smartpay was looking to sell its New Zealand business and focus on the Australian market. It had a buyer, Verifone, but by the middle of 2020 the deal had fallen through. Yesterday the company said it was preparing for the launch of a refreshed New Zealand proposition, which would include the upgrading of the fleet, a new marketing campaign and adjustments to its revenue model. It uses Cuscal as its payment gateway in Australia and Worldline in New Zealand. In future it will use Cuscal in both markets.