Xiring posts strong full year results

Source: Xiring

Xiring, a leading French security solutions provider for remote transactions, has recorded a growth of 86% compared to 2006, which is significantly greater than the figure previously announced (70%).

XIRING's turnover stands at EUR23.8 million of which 55% is from international sales.

Sales generated by online banking security solutions have increased by 3.5 reaching EUR12.6 million. In line with the company's strategy, it represents a growing proportion of overall activity (53%). The banking authentication market has taken off in Europe with more than ten million consumers receiving authentication solutions by the end of 2007 (in Belgium, Holland, Switzerland, Sweden and the United Kingdom), representing an equipment rate of 9%. XIRING forecasts 60 million e-banking users will be equipped with readers by 2010. XIRING is the market leader currently with 50% market share (70% in the United Kingdom).

In the French SESAM-Vitale solutions market, XIRING has achieved sales of EUR9.3 million, which represents 38% growth compared to 2006 and 39% of the company's overall turnover. The period was marked by the successful launch of the second generation Vitale card updating service 'le Point XIRING'. In line with the objectives announced at the IPO, XIRING is now the market leader for SESAM-Vitale solutions in France.

In the fourth quarter of 2007, XIRING recorded sales of EUR6.9 million, a growth of 67% compared to the same period in 2006. Large deployments launched in the UK's banking market in the third quarter continued during Q4. XIRING had delivered more than three million strong authentication solutions throughout the United Kingdom by the end of 2007. This figure includes the delivery during the fourth quarter 2007 of more than one million solutions to a new large British client.

XIRING is aiming for EUR28.5 million in revenue in 2008 and solid business forecasts.

In the banking market, XIRING plans to build on current pilots taking place in European countries where authentication solutions are yet to be rolled out (including France, Italy, Portugal, Turkey, Croatia and Slovenia). The company forecasts it will achieve large scale deployments in 2008 similar to 2007. From 2008 onwards, the company will also benefit from recurring business with existing customers.

In the healthcare market, XIRING expects to profit from the replacement of products driven by the roll out of Vitale 2, the integration of complementary insurance policies and the architecture evolution in the SESAM Vitale system.

XIRING is aiming for sales of EUR28.5 million for 2008 (a growth of 20%). 2007 results and 2008 operating margin forecasts will be communicated on 11th March 2008, after market closure.

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