Bill Express challenges Australia Post
Bill Express hopes to list on the ASX and raise $28.5 million for a 54 per cent stake in the business at 20c a share. This would value the company at about $65 million upon listing. Bill Express, the spin off from Australian Pure Fruits' bill payments division, plans to use the funds raised to expand its newsagency payments system with 2500 new sites planned. The company hopes the public will pay bills at the newsagent rather than at the post office. Bill Express expects revenue will double to $620 million in the 2005 financial year while profits are forecast to rise by 96 per cent to $5.5 million on 2004's unaudited results.