Neteller posts Q1 update

Source: Neteller

Neteller (LSE: NLR), the independent global online payments business, is pleased to provide a trading update in respect of its performance during the first quarter to 31 March 2008.

  • Renewed focus on merchant and consumer customers drives contract wins for NETELLER e-wallet and NETBANX payments gateway business.
  • Continued investment in improving product offering in core European and Asia Pacific markets.
  • European revenue (including NETBANX) was $11.3 million, an increase of 9% from Q4 2007; Asia Pacific (including 1-PAY Direct) grew 20% to $3.6 millionover the same period.
  • Active e-wallet users (ex North America) totalled 101,301 in Q1 2008, up 1% from Q4 2007.
  • E-wallet revenue per active e-wallet user was $113 in Q1 2008, up 7% from $106 in Q4 2007.
  • Average daily sign ups and average daily receipts in Q1 2008 showed growth of 6% and 11% respectively from Q4 2007.
  • Strong cost control continues in Q1 2008, with gross margin of 62% (Q4 2007: 54%) and operating income of $2.4 million (Q4 2007: $0.6 million loss).
  • Solid balance sheet at 31 March 2008 with $55.2 million cash and cash equivalents.

Ron Martin, President & CEO, commented "The business has continued to deliver a good performance in the first quarter. We are beginning to see tangible sales progress in the adoption of our Merchant Solution Suite amongst both gaming and non-gaming customers and prospects. Growth in our key European and Asia Pacific markets remains encouraging and as we introduce new payment solutions and targeted marketing programmes, we hope to see this momentum continue. The Board looks forward to continued progress and remains confident about prospects for the business."

The Company's Annual General Meeting will be held in the Isle of Man on Tuesday 13 May 2008.Download the document now 41.3 kb (PDF File)

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