NeoNet profits rise in 2006

Source: NeoNet

2006 was a very strong year for NeoNet - revenues increased and there was a positive trend in earnings.

Direct market access continues to grow, and there was also a breakthrough for NeoNet XG, our license-based system and software services.

Revenues for the year increased by 54 per cent and amounted to USD 55.5 m (USD 36.1 m). Operating earnings (on EBITDA-level) increased by 119 per cent to USD 12.6 m (USD 5.7 m). Earnings before tax grew and amounted to USD 7.1 m (USD 0.9 m).

"NeoNet's revenues and earnings development is the result of various factors. During the year, clients have continued to increase their trading via us as a growing number of clients have recognized the advantage of fast and secure trading on multiple stock exchanges through one player - NeoNet. This increase is reinforced by the long-term trend for ever-increasing shares of clients' trading via direct market access.

In addition to the increase from existing clients, we have succeeded in attracting several new active clients during the year," says Simon Nathanson, President and CEO of NeoNet.

"Based on the positive development in 2006 and good future prospects, the Board has set new long-term financial targets for the period 2007-2010. The new targets involve NeoNet to have reached revenues by at least USD 112 m and achieving profit before tax of at least USD 28 m by latest 2010," concludes Simon Nathanson.

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