Online payments group reports 21 percent decline in revenue
Neovia Financial plc issued a trading statement this week on its quarter three performance for the period ended September 2009, but the news wasn't good - a 21 percent year-on-year decline in revenue.
Challenging market conditions continued to prevail as the company reported:
* Fee revenue of $14.9 million, a substantial decline compared to Q3 2008: $17.5 million.
* Active e-wallet users up 1 percent on Q3 2008 to 98 357; the trend for active e-wallet users to generate lower fees per user is continuing.
* The Newteller platform venture on track to launch fully in Q1 2010.
* Total revenue for the period was $15.1 million, a decline of 21 percent compared to Q3 2008's 418.2 million.
* Cash position remains strong.
Given current economic conditions, Management says it continues to take a prudent view of the group's short term outlook and maintain tight control over operating costs and cash management.
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