Intelligent Environments rises on bullish update

Intelligent Environments rises on bullish update

Shares in UK retail banking software vendor Intelligent Environments (iE) edged ahead in morning trading after it said it expects to report a 72% rise in first half revenue - well ahead of market expectations.

IE stock increased 6.80% to 9.75 pence after the vendor released an upbeat trading statement saying it expects to report revenues of £3.07 million for the half year ended 30 June 2007, which is a 72% increase on the year ago period.

Operating profit for the period remains in line with management expectations, says iE, while cash inflow of £308,000 will result in a cash balance of £1.174 million at 30 June 2007.

Commenting on the forecast, Phillip Blundell, CEO of iE, says: "We are confident that profit momentum will continue as the Group expands into new markets and geographies, in-line with our strategic focus to secure long-term partnerships."

Blundell says deals with Barclaycard, Creation Financial Services and Principality Building Society have now entered production. The vendor also inked a partnership agreement with Unisys during H1 which has resulted in a contract win with The West Bromwich Building Society.

IE has also secured a European partner for credit card services as well as a Middle Eastern partner for insurance systems.

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