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Provenco Group affirms 2004 profit forecast

Provenco Group affirms 2004 profit forecast and is well placed for growth

Provenco Group Limited today said its improved profit projections for the current financial year remain on track and that directors will consider a dividend if the projections are met.

Speaking at Provenco's annual meeting, Chairman David Wolfenden described the past year as one of positive change for the company.

"We have capitalised on the strong domestic retail sector activity; we have added a very strategic business (Transtech) to this domestic business base and we have secured an early advantage in the payments sector of the international retail oil business," Mr Wolfenden said.

"This has been achieved despite a backdrop of continuing uncertainty in the information technology sector. We are well placed to materially grow the performance and the returns of this business in the coming years. I am confident that we will continue to see improved operating profitability in the 2004 year and beyond."

Provenco had previously advised the market that it expects an operating result before taxation between $4.8 million and $5.2 million in the current financial year.

Group Managing Director Tony Bradley said the company had taken appropriate actions to align costs with revenues without sacrificing investment in future projects.

"As a result, we were able to continue to invest R&D in new products and in developing new markets. We now have an impressive portfolio of products and services and we have made good progress in breaking into new markets, especially the high growth Asian market."

Mr Bradley said the acquisition of Transtech would allow Provenco to extend its products and services and market reach.

Provenco is seeing immediate and substantial opportunities in payment solutions for the oil industry. The introduction of EMV smart cards throughout the world has tremendous opportunities for Provenco as a provider of EMV smartcard compliant technology.

"We have extended our domestic market with both organic and acquisition-led growth and we have made early penetration in the recovering international markets with exciting new products," Mr Bradley said. "More importantly, we can now see sustainable growth in both our domestic and international markets."

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