AGM Statement
29 June 2010 - 4:00PM
UK Regulatory
TIDMIEN
RNS Number : 3818O
Intelligent Environments Group PLC
29 June 2010
IEN.L
AGM STATEMENT
Strong growth in new Mobile Banking market
New contracts with First Data, Generali & LaSer
Intelligent Environments Group plc (AIM Ticker: IEN), the online software
provider for financial services, is holding its Annual General Meeting today at
which the Chairman, Clive Richards, will make the following statement:-
"In our annual results announcement for 2009, we highlighted that the Company
had been developing a mobile banking platform in order to address the mobile
banking opportunity in the UK as well as internationally and raised GBP0.75
million on 17 February 2010 to help develop this significant opportunity
further.
The Company has made important progress with this strategy and in addition to
First Data, two other of the Company's existing clients, Generali and LaSer
have signed up to the mobile service and are expected to go live in the third
quarter of 2010.
We believe that, with the Company's progress in this new market to date and,
with a strong pipeline in existence, underpinned by the significant growth
expected in mobile banking across Europe, the Company is well positioned to
capture the potential in the mobile banking market.
In contrast, the retail banking market in the UK remains subdued and this in
turn has had an impact on our NetFinance business. Sales cycles have been
extended which in turn have led to a significant reduction in implementation
fees compared to the same time last year.
However with a new partnership with Fidelity recently signed and an improving
pipeline of potential business, the Company expects a recovery in the second
half of the year offsetting this initial shortfall.
The Company's strategy to develop a long term recurring revenue base has
continued to improve due to a full half year contribution from National Savings
and Investments, and also the launch of the Orange credit card by Barclaycard.
These transactional revenue customers coupled with Argos and Vanquish going live
in the first quarter 2010 means that the recurring revenue performance will be
ahead of 2009 at the half year stage.
Overall we have made good progress in the year to date and I expect our
financial performance to reflect this by the end of the year."
+-----------------------------------------------+----------------+
| Intelligent Environments Group plc | |
+-----------------------------------------------+----------------+
| Phillip Blundell, Chief Executive | Tel: 020 8614 |
| | 9800 |
+-----------------------------------------------+----------------+
| www.ie.com | |
| | |
+-----------------------------------------------+----------------+
| Canaccord Genuity | |
+-----------------------------------------------+----------------+
| Simon Bridges / Henry Fitzgerald-O'Connor | Tel: 020 7050 |
| | 6500 |
+-----------------------------------------------+----------------+
| | |
| Biddicks | |
+-----------------------------------------------+----------------+
| Shane Dolan | Tel: 020 7448 |
| | 1000 |
+-----------------------------------------------+----------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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