I don't understand it... Cardpoint release a statement titled "Cardpoint H1 underlying profits rise 43 pct as sales almost double" but the share price keeps falling!

Seems like every other investor knows something I don't!

Can anyone shed any light on the situation?

Just been wandering around, sniffing.


**********************

LONDON (AFX) - Cardpoint PLC, which runs an independent network of cash machines, was upbeat on its prospects for the second half as it announced a 43 pct increase in underlying profits in the first half to March 31 on the back of a near doubling in turnover.

Pretax profit before goodwill amortisation rose 43 pct to 443,000 stg from 309,000 a year earlier as turnover rose 92 pct to 26.6 mln stg from 13.8 mln.

At the same time, the group said it expects improved transaction levels in the second half, which it said traditionally yields greater revenue because of seasonal business combined with a largely fixed cost base.

And further out, the company said it is looking forward to strong trading in 2006, "now that the firm foundations of this transitional year have been laid".

Cardpoint is now running the HBOS cash machine network and is converting them to charging but this process has been dogged by delays.

Today Cardpoint said it expects to convert at least 275 HBOS machines to charging by the end of September, exceeding its target of 250 but it added that the delays will have some impact.

"Whilst the delay in the migration to charging will have a short term impact on our expectations for the current year, we will start the next financial year from a stronger base as more machines will have been converted to charging than previously anticipated," said chief executive Mark Mills.

In the first half, Cardpoint saw income from its core cash machine estate increase 9 pct on a like-for-like basis.





I think I prefer this appraisal.