Trading update
07 August 2009 - 4:00PM
UK Regulatory
TIDMNEO
RNS Number : 0456X
Neovia Financial PLC
07 August 2009
NEOVIA Financial Plc
2009 Second Quarter Trading Update
Friday, 7 August 2009 - NEOVIA Financial Plc ("NEOVIA" or the "Company"),
(NEO.L), the independent online payments business, today provides the following
update regarding trading during the first half of 2009.
Highlights
* Group expects to report operating result in line with market forecasts for first
half of 2009;
* Quarter-on-quarter increase in active customers with 3% growth in second quarter
2009;
* Quarter-on-quarter improvement in gross margins; and
* Announcement of appointment of new CEO expected shortly.
Overall, the Group continued its promising start to 2009 with the second quarter
on track despite the ongoing challenging economic conditions and 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.
Against this, the Group has seen a quarter-on-quarter increase in active
customers, growing by 3% 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 quarter. While gross
margin in the first half of 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
Group'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 non-recurring items which
in total are expected to amount to approximately $7 million.
The Board has identified a new Group Chief Executive Officer and expects to
announce his appointment shortly. It is anticipated that he will join the Group
in early September 2009.
Dale Johnson, Chairman of NEOVIA, 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. The Board continues to be optimistic about the outlook for NEOVIA
for the full year, but is mindful of the ongoing external market conditions."
The Company expects to publish its half year results for the six months ended 30
June 2009 in mid- September 2009.
+------------------------------------------------+----------------------------------+
| For further information contact: | |
+------------------------------------------------+----------------------------------+
| | |
+------------------------------------------------+----------------------------------+
| Andrew Gilchrist | + 44 (0) 1624 698 713 |
+------------------------------------------------+----------------------------------+
| VP Communications, NEOVIA Financial Plc | |
+------------------------------------------------+----------------------------------+
| Email:investorrelations@neovia.com | |
+------------------------------------------------+----------------------------------+
| | |
+------------------------------------------------+----------------------------------+
| Citigate Dewe Rogerson | + 44 (0) 207 638 9571 |
+------------------------------------------------+----------------------------------+
| Sarah Gestetner / George Cazenove | |
+------------------------------------------------+----------------------------------+
| | |
+------------------------------------------------+----------------------------------+
| Daniel Stewart & Co Plc | + 44 (0) 207 776 6550 |
+------------------------------------------------+----------------------------------+
| Paul Shackleton | |
+------------------------------------------------+----------------------------------+
| | |
+------------------------------------------------+----------------------------------+
* * * * *
About NEOVIA Financial
Trusted by consumers and merchants in over 160 countries to move and manage
billions of dollars each year, NEOVIA Financial Plc (formerly NETELLER Plc)
operates the world's leading independent online payments business. Through its
Payment Suite, featuring NETELLER , NETBANX , Net+(TM) and 1-PAY(TM) brands,
NEOVIA Financial specialises in providing innovative and instant payment
services where money transfer is difficult or risky due to identity, trust,
currency exchange, or distance. Being independent has allowed the company to
support thousands of retailers and merchants in many geographies and across
multiple industries.
NEOVIA Financial Plc is quoted on the London Stock Exchange's AIM market, with a
ticker symbol of NEO. Subsidiary company NETELLER (UK) Ltd is authorised by the
Financial Services Authority (FSA) to operate as a regulated e-money issuer. For
more information about NEOVIA Financial visit www.neovia.com or contact us by
email at investorrelations@neovia.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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