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Moneybox's ATM division cashing in

August 20, 2002

LONDON -- ATM group Moneybox, which trialed a line of retail and services kiosks with UK convenience store SPAR last year (See story: Kiosks, convenience, and the UK), says its chain of 2,000 ATMs in the UK has moved into the black for the first time, according to a report on Ananova.

The group, which operates ATMs in sites such as pubs, clubs, and universities, said the business became profitable during the month of July.

According to the report, Moneybox reached profitability by cutting costs and by increasing the "convenience fee" charged to users in most of its ATMs to £1.50 per transaction ($2.30), from £1.25 ($1.90).

Moneybox also has businesses in Holland and Germany and expects the company as a whole to move into profit in the first half of next year.

Vincent Isaacs, chairman of Moneybox's largest shareholder, Ambient, said: "The progress of Moneybox from its launch in June 1999 to the point where it is now profitable in the UK with revenues growing at over 100 percent per year and having established operations in Holland and Germany is extremely encouraging."

London-based Ambient, which also has an Internet business and an electronic media arm, owns 60.1 percent of Moneybox.