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Xiring H1 revenue up

13 July 2007  |  1477 views  |  0 Source: Xiring

Xiring, a security solutions provider for remote transactions, posted turnover of EUR8.1M for the first half of 2007, up 38% year-on-year and revises its forecasts upwards for annual turnover.

The second quarter turnover is up 38% year-on-year, at 5.3 M€. The evolution of sales turnover over the six-month period is in line with the forecasts of the company which had announced at the beginning of March a growth of at least 30% for the financial year.

Revenues from online banking security solutions were multiplied by 5 compared to the same period in 2006, at 2.9 M€. This revenue was generated outside France, mainly in the UK and Switzerland reflecting the fast development of security solutions for the remote transaction market.

In the healthcare sector, XIRING continues to consolidate its leading position, with H1 revenues at 3.9 M€, up 9% year-on-year.

Revised annual growth forecasts: +70%

The rapid deployment of EMV banking smart cards in Europe provides infrastructure for the security solution developed by XIRING and adopted worldwide by VISA and MasterCard. The market for security solutions for online banking and e-commerce is fast growing, with massive equipment in Switzerland, UK, Belgium, Netherlands and Sweden. Over 10 million consumers will be equipped in 2007.

In this context, and with major contracts being secured mainly in the UK and Switzerland, XIRING has significantly revised its forecasts of growth for the financial year. XIRING anticipates growth of revenues higher than 70% for 2007 and maintains its 2007 target with operating margin exceeding 7%.

The first half results will be released on September 18th, 2007.

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