SmartPay, the merchant services company has indicated that it is on track to meet the guidance EBITDA for the year 2011. The confidence came back after the company was able to post a 125 per cent rise in profit for the first-half of this year.

The unaudited financial results of the company have shown that for the six months ending September 30, the revenue was at $21.7 million. This means a rise of 21 per cent from the previous year's $17.9 million.

Gross profit increased by 125 per cent to be at $9 million, earnings before interest, tax, depreciation and amortisation was also up at $1.7 million.

Talking about the results, managing director of the company, Ian Bailey said that the company is on track to hit the bottom level of EBITDA guidance range. The range has now gone down from $7.5 million to $7 million.

He further added that the tightening of the guidance has resulted because of long term rental contracts that have come up from the customers. The rental book has gone up by $13 million which is enough to cover the debt of the company- $10 million.