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Intelligent Environments rises on bullish update

25 July 2007  |  3268 views  |  0 stock quote

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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