NEWLY listed Gold Coast-based global trade exchange business BPS Technology beat expectations in its maiden full-year profit and has set its sights on global expansion.
BPS, which owns the world's largest global trade exchange, Bartercard, had a full-year net profit of $7.9 million, up 22 per cent on the prospectus forecast of $6.5 million.
Underlying earnings of $10.1 million exceeded the forecast of between $9.5 million and $10 million.
BPS recorded revenue of $48.1 million, down on the anticipated $51.6 million and slightly down on analysts' forecasts.
But the company said it had new international licences for Bartercard in China, India and South Africa poised to provide new revenue streams and trading opportunities.
BPS chief executive Trevor Dietz said it was a "very pleasing result for BPS in its first year as a listed company".
"In addition, management has had a strong focus on cost control which has helped it exceed the profit forecast." He said BPS during the year continued the geographic expansion of Bartercard, adding several new countries to the network, including China, South Africa and India.
There are also plans for further domestic expansion.
The rollout of its loyalty app, Bucqi, was delayed to allow for major enhancements but has started, with BPS deciding to use the marketing power of Bartercard merchants in the rollout.
"We have started rolling out the technology amongst our Bartercard network in Australia and the response so far is encouraging," Mr Dietz said.
"We have received expressions of interest from more than 2500 merchants." Scaled versions of its TESS software platform, developed to support trade exchanges, will be created to service small, medium, large and enterprise level exchanges.
"The deployment of TESS software is a step change opportunity which has the potential to be the Microsoft of the barter and other alternate currency industries globally," Mr Dietz said.BPS will pay a final unfranked dividend of 3.25Â¢ a share. Its shares closed 5Â¢, or 6.84 per cent higher, at 78Â¢.
Source: Gold Coast Bulletin (Australia) - News Section page 63– Saturday 29th August, 2015-Article by: Jenny Rogers.