VTL warns of lower year profit

The listed company, which sells and licenses vending machine technology, posted an after tax profit of $5.4 million in the year to March 31, 2002 -- up 35 percent.

VTL said lower Australian machine placements and a slower than planned entry into the United States market would prevent a repeat performance this year.

The company has also been hit by unrealised foreign exchange losses arising from revaluation of long-term license arrangements.

It still expects strong growth in 2003-2004.

VTL's flagship product is an "intelligent" food and drink vending machine, which is able to sell hot and cold products out of the same machine.

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