NEOVIA ON TARGET
14 August 2009
eCash processor expects to meet forecast
The e-cash processor Neovia Financial plc issued a
first-half 2009 trading update as the week closed,
reporting the following highlights:
* Expectation
that the group results due for publication September
will be in line with forecasts.
*
Quarter-on-quarter increase in active customers with 3
percent growth in second quarter 2009.
*
Quarter-on-quarter improvement in gross margins.
The directorate advised that it anticipated
announcing the appointment of a new CEO soon, following
the resignation of Ron Martin (see previous InfoPowa
report). The new incumbent will take up his
responsibilities in September this year.
Overall,
the group continued its promising start to 2009 with the
second quarter on track despite the ongoing challenging
economic conditions Consequently, the Board expects to
report an operating result for the first six months of
2009 in line with market expectations. Nevertheless, the
challenging market conditions experienced by the Group
and other related companies in the first quarter of 2009
have continued into the second quarter, leading to a
decrease, as anticipated, in revenues in the first half
of 2009 compared to the same period in 2008.
On
the brighter side, the group has seen a
quarter-on-quarter increase in active customers, growing
by 3 percent compared to Q1 2009. This is an encouraging
trend considering both macro-economic conditions and the
fact that the second quarter has traditionally exhibited
slower growth than the first.
While gross margin
in H1 2009 will be lower than the same period of 2008,
the second quarter of 2009 will be ahead of the first
quarter’s gross margin as the Neovia’s focus on cost
control continues to show results. The group’s results
for the first six months of 2009 will reflect a number
of unspecified non-recurring items which in total are
expected to amount to approximately US$7 million.
The Board has identified a new group CEO and expects
to announce his appointment shortly. It is anticipated
that he will join the group in early September 2009.
Chairman Dale Johnson commented: “The Board and
management team remain focused on maximising revenues,
maintaining control over costs, delivering a capital
programme to support the strategy for the future, and
preserving cash to deliver value for all shareholders.”
Online Casino News Courtesy of
Infopowa
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