20 October 2017
visit www.avoka.com

Intelligent Environments reports revenue rise

17 January 2008  |  3610 views  |  0 Digital Abstract

UK retail banking software vendor Intelligent Environments (iE) says it expects to record full year revenue growth of over 40%, with operating profits in line with market estimates.

In a pre-close trading update for the year ended 31 December 2007, the vendor says its cash position also improved over the period, with net cash funds standing at £1 million at the year-end.

During the year the vendor completed major contracts with Barclaycard, LaSer and the Royal Bank of Scotland. This takes the number of customers generating income on its transactional model to 16, giving the platform for strong future growth in recurring revenues, says iE.

In addition, iE says projects undertaken with its first two building society clients were successfully delivered and provide a platform for future growth in the UK savings market.

However, the vendor did incur a "substantial increase in one-off costs" during the period as it recruited new staff and employed outside contractors to deliver contracts.

The vendor says it expects overheads are expected to fall in 2008 due to the forecasted change in mix from service-related revenues to recurring revenues.

But despite the bullish update, iE stock was down 0.25 pence, or 2.74%, to 8.88 pence in morning trading.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Moneyfacts and iE launch outsourced online account opening service

Moneyfacts and iE launch outsourced online account opening service

18 September 2007  |  4364 views  |  0 comments
Intelligent Environments rises on bullish update

Intelligent Environments rises on bullish update

25 July 2007  |  3310 views  |  0 comments
Intelligent Environments on course for first full year profit

Intelligent Environments on course for first full year profit

16 January 2007  |  4010 views  |  0 comments
Intelligent Environments reports Barclaycard deal

Intelligent Environments reports Barclaycard deal

04 October 2006  |  6899 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.vasco.com Register now

Top topics

Most viewed Most shared
satelliteGates Foundation backs Ripple collaboratio...
8517 views comments | 13 tweets | 10 linkedin
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
8473 views comments | 21 tweets | 26 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
7563 views comments | 9 tweets | 17 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
7015 views comments | 10 tweets | 22 linkedin
Eight banks form joint venture to launch blockchain trade platformEight banks form joint venture to launch b...
6625 views comments | 14 tweets | 23 linkedin

Featured job

Competitive base, double ote, benefits
London, UK

Find your next job