| |
Services provided to customers include transport and storage of cash and valuables, retail cash office management, outsourced cash centre management, ATM cash replenishment, maintenance and network management.
In 2008, the cash solutions business continued its very strong first half performance with organic growth of 12.5% and margins of 11.1%. Organic growth in Europe was excellent at 12%, with margins maintained at around 10.9%, despite investment in the Cash 360 retail solution.
In the UK & Ireland, the cash solutions business performed well with good organic growth and firm margins. The fifth “super branch” cash management centre in the UK was officially opened in London in January 2009.
There was slower growth but strong margins in the Netherlands as a result of excellent operational controls. The implementation of the Swedbank ATM management contract contributed to substantial revenue growth and improved margins in Sweden.
In Belgium there was good growth in ATMs and cash management, largely from expanding existing customer contracts. In Hungary and the Baltics there was high revenue growth and excellent margins. |
| |
 |
| |
The implementation of the post office outsourcing contract in Romania has continued to drive extremely high growth and margin improvements as expected.
In North America, the business in Canada stabilised under the new management team and experienced positive growth for the first time since 2006. We expect continued improvement in 2009.
Organic growth in New Markets was excellent at 18.6%, with margins remaining at 15.1%. There were very good results across Asia, the Middle East and Africa. In Latin America, results were affected by the renegotiated Colombia tolls contract as expected. Margins in Colombia remain strong and the other cash solutions businesses in the region performed well.
Cash outsourcing opportunities are beginning to develop in Malaysia, Indonesia and the Philippines as financial institutions and central banks are focusing on their core services and seeking to drive efficiencies in the cash cycle. At the end of 2008, a banking hardware, maintenance and software interface business was acquired to support services in the Hong Kong and China markets.
In the UAE, the business has extended its cash management offer into credit card management and distribution services. India was awarded the contract for distribution of the new national ID cards. In Thailand, new state-of-the-art cash centres have allowed the business to expand rapidly.
In South Africa the business is performing well with good growth, particularly in the ATM sector, and very strong margins.
There was high organic growth in Kenya as a result of further outsourcing in the financial services sector. The introduction of new technology has provided the business with a unique competitive advantage in the market. |
| |
| In the UK & Ireland, the cash solutions business performed well with good organic growth and firm margins. The fifth “super branch” cash management centre in the UK was OFFICIALLY opened in London in January 2009. |
|
 |
|
|
|
 |
Organic growth in Europe was excellent at 12%, with margins maintained at around 10.9%, despite investment in the Cash 360 retail solution |
| |
|
|
The implementation of the post office outsourcing contract in Romania has continued to drive extremely high growth and margin improvements. |
| |
|
|
In North America, the business in Canada stabilised under the new management team and experienced positive growth for the first time since 2006. We expect continued improvement in 2009. |
| |
|
|
Organic growth in New Markets was excellent at 18.6%, with margins remaining at 15.1%. There were very good results across Asia, the Middle East and Africa. |
| |
|
|
|
