New Zealand vending technology and franchise company VTL has announced a loss for the six months to 31 December, attributing the result in part to the rising New Zealand dollar.
VTL, which develops wireless technology for vending machines and vending franchises in New Zealand Australia and the US, made a loss for the half year of $5.87 million compared with a profit of $1.76 million for the preceding period.
Also contributing to the loss was a low level of trading stock - vending machines - to turn into vending franchises and sell, according to chairman Gary Stevens. In addition to developing technology, VTL's business model is to buy low- and mid-tier vending machine companies, install the wireless technology in their machines and then sell these off as franchises.
Sales for the period also fell, from $26.7 million to $19.5 million.