Neovia (Neteller) releases half yearly results

First half in line in a difficult year

Online payments business, Neovia plc has released its results for the half year ended 30 June 2009.

Financial Results:

*Group revenue $32.6 million (H1 2008: $35.9 million)

* E-wallet revenue down 9 percent, vs H1 2008

* Gateway revenue up 12 percent, vs H1 2008

* Gross margin at 56.2 percent (H1 2008: 61.6 percent)

* Income from operations down 23 percent to $5.4 million (H1 2008: $7.0 million)

* Group cash and cash equivalents decreased to $73.4 million (31 December 2008: $76.2 million); available “free cash” of $30.2 million

Business Highlights:

* Mark Mayhew appointed President and CEO on 1 September

* Active e-wallet users up 3 percent to 95 492 at Q2 2009 (Q1 2009: 92 757)

* Average daily deposit volume up 20 percent to $475 266 in Q2 2009 (Q1 2009: $396 413)

* Diversification continues with significant contract wins in MMOG space

* New product launches including Send Money remittance service were welcomed by merchants

* Newteller platform in initial stage of deployment, running in parallel with the existing platform - full migration will be completed in early 2010

* Notice of Dismissal received from US authorities draws conclusion to DPA (see previous InfoPowa report)

Dale Johnson, Chairman of Neovia, commented: “The first half’s trading results were in line with management’s expectations given the continuing difficult market conditions that prevailed throughout the period.

"The Newteller platform will launch fully in early 2010 as anticipated, creating much needed flexibility for developing functionality to meet evolving market needs. During this period the Group faces both challenges and opportunities, but remains focused on maximising revenues, controlling costs and preserving cash to deliver value for shareholders.

"We expect trading conditions to remain tough in the second half, with the Company delivering revenue similar to the first half, with prospects for 2010 looking promising.”

Mark Mayhew, incoming President and CEO added: “I am very pleased to have joined Neovia and am reassured by these results which demonstrate the resilience of the company’s business model even in the toughest of economic environments.

"I shall be concentrating on creating substantial shareholder wealth in the future and the board is fully supportive of this aim. Over the next few months, one of my prime objectives is to focus the Group’s efforts on re-energising our offering in order to grow revenues demonstrably. I am confident that we can tune our strategy and execution to reflect evolving market needs and to create renewed success, and I look forward to communicating our efforts and results in this regard as we progress.”

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