Vortiv (ASX:VOR) Chairman, Nicholas Smedley
Source: Vortiv
The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • Vortiv (VOR) subsidiary Transaction Solutions International (TSI) executes a five-year agreement with the Central Bank of India (CBI) for an additional 2,550 ATMs
  • TSI management estimates full deployment of the ATMs will result in an increase of $25 million to $30 million in annual revenue and $11 million to $13 million in annual EBITDA
  • The agreement between TSI and CBI, which expands TSI’s owned and managed network of ATMs by about 20 per cent, can be extended by CBI for a further two years
  • Vortiv says it hopes the CBI deal will help it pay a full-year dividend in FY23
  • Shares were trading 15.4 per cent higher today at 3 cents each

Vortiv (VOR) subsidiary Transaction Solutions International (TSI) has executed a five-year agreement with the Central Bank of India (CBI) for an additional 2,550 ATMs.

It also comes with the possibility of a further 625 ATM licences being issued at CBI’s discretion over the next year.

According to TSI management, full deployment of the ATMs under the new agreement will result in an increase of between $25 million and $30 million in annual revenue and between $11 million and $13 million in annual EBITDA.

Vortiv said it hopes the CBI deal will help it pay a full-year dividend in FY23, while retaining some free cashflow for growth initiatives and new projects.

“This is one of several initiatives that myself and my fellow directors were able to progress with TSI management during our recent visit to India,” Chairman Nicholas Smedley said.

“TSI now has significant revenue and earnings growth locked in for FY23 as a result of this new agreement with the Central Bank of India.”

Vortiv said the agreement between TSI and CBI, which expands TSI’s owned and managed network of ATMs by about 20 per cent, can be extended by CBI for a further two years.

VOR shares were trading 13.5 per cent higher at three cents each at 11:31 am AEDT.

VOR by the numbers
More From The Market Online
The Market Online Video

Market Close: Green lights up on ASX for Easter hunt go

The ASX200 closed the day in record territory - nearly a per cent up with every…

Week 13 Wrap: Easter bunny delivers new all time high for ASX200

Another week, another all time high. The ASX200 clocked 7,901pts on Thursday for the first time…

Market shrugs as Fisher & Paykel announces mass recall

Fisher & Paykel has initiated a voluntary limited recall of batches of Airvo 1 and my…
The Market Online Video

Market Update: ASX glows red hot with another hit record

The ASX200 is trading up, hitting a new high of 7901 point and eclipsing the last…