Board cites difficult trading conditions in 2009

The Internet e-cash processing group Neovia plc has released a lacklustre set of full year results for the period to December 31st 2009.

The financial report shows group revenue declining by 15 percent to $64.5 million; fee revenue down 10 percent to $62.9 million and gross margin reduced to 54.6 percent (FY 2008: 61.8 percent.

The group EBITDA came in at $8 million in 2009 (2008: $16.0 million), and a loss before tax of $1.7 million (2008: profit $6.4 milion) was recorded. Total Group cash as the financial year ended was $73.5 million (2008: $82.3 million).

Operationally, the company increased its active e-wallet users in Q4 to almost 100 000 (Q4 2008: 97 6730, with fee revenue per active e-wallet user $116 for 2009 (2008: $128). Average daily sign ups were 1 048 for 2009 (2008: 981); and average daily receipts were improved at $488 641 for 2009 (2008: $457 442).

Neovia chairman Dale Johnson commented: “Following a transitional year characterised by progress in dealing with internal and external challenges, including weaker market conditions, the Board has renewed confidence in its updated business strategy and executive leadership to deliver significantly improved shareholder value in 2010 and beyond.

"The fourth quarter of 2009 saw stronger performance for both the e-wallet and Netbanx businesses compared to the third quarter, and revenue for the first two months of 2010 was in line with management’s expectations. The Board continues to be optimistic about the outlook for Neovia and remains confident about the group’s prospects going forward with its adoption of a renewed strategy for growth.”

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