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iCash shares climb 18% on FY11 guidance

iCash shares climb 18% on FY11 guidance

Shares in electronic payment company iCash (ASX:ICP) have jumped 17.6% since the company forecast a 161% profit increase for FY11.

The company is expecting profit of $12 million, on 72% higher revenue of $73 million. Ebitda is expected to grow 166% to $17.3 million.

The strong guidance is down to an increased pipeline of supply agreements for the sale of ATMs in Korea, iCash said in a statement.

Production output of Korean subsidiary neoICP increased to over 600 per month in FY10 - compared to 150 per month from the prior year - and is being maintained at this level, the company said. The goal is for the unit to consistently generate 15% of iCash's overall sales.

“Acquiring neoICP in 2007... has led to a near quadrupling of revenue since FY09,” executive chairman James Manny said.

Sales of ATMs in Australia have also been buoyant, Manny added.

ICP shares closed the day's trade at $0.400.

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Tags GuidanceJames Mannye-commerceASX:ICPiCash

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