CASH L&g Efund Cash

RNS Number:9717U
Cardpoint PLC
17 April 2007

Tuesday 17 April 2007



                                 Cardpoint plc
                         ("Cardpoint" or the "Company")



Acquisition of the ATM business of Travelex UK Limited and Travelex ATMs Limited
                 (together "Travelex  ATMs") and Trading Update



Cardpoint, a major market operator in the independent cash machine sector, is
pleased to announce the acquisition and completion of Travelex ATMs for a cash
consideration of #12.9 million, payable at completion. The consideration is
subject to adjustment post-completion through completion accounts tests of
working capital and the net indebtedness of Travelex ATMs.



Travelex ATMs is an independent ATM deployer with approximately 1,070 ATMs
operating in the UK. The surcharging ATMs are located in prime convenience
locations such as service station forecourts and convenience food restaurants.



The net operating assets of Travelex ATMs were #12.7m as at 28 February 2007
(based on the management accounts for February 2007). The combined business
generated profit before interest, tax and depreciation of #0.3m and a loss after
interest and depreciation of #5.5m for the year to 31 December 2006 (based on
the management accounts for the year ended 31 December 2006). The acquisition is
expected to be dilutive in the current year, but is expected to be materially
accretive to earnings in the first full year following completion.



The acquisition of Travelex ATMs is consistent with Cardpoint's strategy of
organic and acquisitive growth within its core UK surcharging ATM market. It
provides Cardpoint with a significant estate of machines with good quality sites
that Cardpoint believes can be converted into a profitable estate and a
substantial pipeline of sites for further roll out.



Cardpoint also provides a trading update today.  Although in November the
Company reported that it had had an encouraging start to the year, since then
revenues have been softer.  Despite this, trading remains on budget.



Bob Thian, Chairman of Cardpoint, commented:



"This is a highly strategic acquisition for Cardpoint and helps develop its
machine estate in the Company's core UK ATM market. Consistent with the
conversion of its existing portfolio into 'through the wall' machines, there is
a significant opportunity to undertake a similar conversion of Travelex ATMs'
estate. The directors anticipate that this will result in Cardpoint
significantly improving its profitability and creating value for shareholders
through earnings accretion."





Enquiries:


Cardpoint plc                                         Telephone: 01253 361300
Bob Thian, Chairman
Robin Gregson, Group Finance Director

Rothschild (Financial Adviser to Cardpoint)           Telephone: 020 7280 5000
Ed Welsh

Panmure Gordon (Nominated Adviser and broker 
to Cardpoint)                                         Telephone: 020 7459 3600
Hugh Morgan

Financial Dynamics                                    Telephone: 020 7269 7279
David Yates
Ben Brewerton




                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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