Wales Business, International Stephen Farrell

Revenue has dipped at Newport-headquartered Tellermate, but the directors of the cash counter business remained pleased with the performance given the impact of "tougher trading conditions" during the year.

The company, founded in 1981, supplies electronic cash counters, which help retailers, grocery stores and banks across the world manage their physical cash.

It has its head office on the Leeway Industrial Estate in Newport and operates subsidiaries in France, Spain, Germany. Its systems are said to process more than £1bn of cash per day in more than 25 currencies across 30 countries.

According to recently-filed accounts for Cash Management Solutions Ltd, the holding company for Tellermate, a pre-tax profit of £411,404 was achieved in the year ending 31 December 2016, down from £877,353 in 2015.

Turnover also dipped to £11.8m from £12.1m the year before. UK turnover was £1.4m, down from £1.5m, with revenue from the rest of the world at £10.4m, from £10.5m.

In their report accompanying the results, the directors said: "Despite tougher trading conditions, particularly in North America, group sales were only down £280,000 on 2015.

"The group continues to invest in the development of its intelligent cash drawer, T-ice. The project has made signiﬁcant progress during 2016 with US and European variants of the product in advanced stages of development."

They added that Tellermate's European companies could be affected by the UK's vote to leave the EU. However, it is "difficult to quantify" the impact until the conditions of departure are known.

Tellermate was acquired by US private equity firm Brookside Equity Partners (BEP) in 2014 in a deal backed by £7m in funding from HSBC.

BEP led the buyout of the company alongside the existing management team.