The vendor of the Emerchants pre-paid cards business failed to earn any contingent payment for a second year in a row in the 2012 financial year. Adept Solutions, the new owner of the business, failed to meet both revenue and profit targets.
Adept Solutions is an ASX-listed micro-cap repositioned by its executive chairman, Bob Browning, the former CEO of energy group Alinta. Adept acquired Emerchants from the Globetrotter Group in July 2011.
In the year to June 2012, Adept reported a statutory loss of A$10.0 million, close to twice the previous year's loss. The firm put its...
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