It was yet another month of success for Stargroup Ltd and their ATM network in August. They posted profits once again, and remain on track for an 11th record quarter in a row.
The ATM suppliers are enjoying a purple patch at the moment; they’re already 51% up on the September quarter. Their 356 machines spread throughout the country are seeing them enjoy huge success and increasing profits. Their CEO Todd Zani spoke of their impressive sales months, and that further installations would lead to even better figures.
If you’ve used an ATM in Australia before you are probably familiar with Stargroup. They integrate the famed EFTPOS and payWAVE technology in their ATMs. They also boast an 11% share in NeoICP Korea Inc.
Over the past quarter, the number of ATMs in Australia has grown by around 2%. This is likely to be related to the closure of over 300 branches of major banks in the past year. It seems likely that the number of ATMs will continue to grow as the need for instant cash intensifies.
Companies like Stargroup have been able to flourish in this economic climate. And they look set for further expansion as well. Take, for instance, their EFTPOS business. This accounts for less than 1% of their revenue, and of the Australian market. That shows there is a huge scope for growth and development with this technology.
Customers are always looking for ATMs to provide them with even more options. Things like funds transfers and exchange rates play a big role in customer satisfaction. So there is definitely a market here to be exploited.