Xiring, a security solutions provider for remote transactions, today announces a turnover of €12.9 million and an operating margin of 12.8% as of 30 June 2008.
The company confirms its goal for the 2008 financial year of €28.5 million in turnover (+20% vs. 2007), and increases its target operating margin to over 8.5% of the turnover (compared with over 7% initially announced).
|
Millions of euros
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30 June 2008 (not audited)
|
30 June 2007
|
Change %
|
31 Dec. 2007
|
|
Turnover
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12.92
|
8.17
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+58%
|
23.8
|
|
Operating income
% CA
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1.65
12.8%
|
0.80
9.8%
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+106%
|
2.18
9.2%
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|
Earnings before tax
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1.67
|
0.86
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+94%
|
2.17
|
|
Net income
|
1.55
|
0.73
|
+112%
|
2.33
|
A turnover of €12.9 million as of 30 June 2008, up 58%, thanks to the deployment of strong authentication solutions for online banking and e-commerce
This turnover, in line with forecasts, is tied to the delivery of banking solutions in the United Kingdom as part of programs for the outfitting of several financial institutions which were launched in 2007. XIRING has now delivered over 4 million Xi-Sign solutions in the United Kingdom. Revenue from Banking represented €6 million, up 106.5% compared with the first half of 2007.
The Healthcare activity represented €5.7 million, up 46.1%, surpassing market growth and confirming the performance of XIRING's offering in this sector.
An operating profitability of €1.65 million, i.e., 12.8% of the turnover for the first six months
This level of operating profitability was reached while keeping up investment in marketing, sales and R&D.
As seen from its balance sheet, XIRING was in a solid financial situation as of 30 June 2008, with €16.1 million in equity capital and a cash position net of debt of €7.1 million, with €3 million from the capital increase that took place late in the first half of the year. During the first six months of the year, operations generated a cash flow of €0.35 million.
2008 full year forecast confirmed
XIRING confirms its goal of €28.5 million in turnover for the year (up 20% compared with 2007) and is now targeting an operating margin of over 8.5% of turnover for 2008. This increase is based, in particular, on the delivery of 1 million Xi-Sign solutions during the second half of the year within the framework of the contract for 400,000 units entered into with the first French bank having selected the MasterCard and VISA CAP technology (announced in May 2008) and the contract with the Italian Post representing over 700,000 units (announced in September 2008). These two contracts are in line with XIRING's initial plan for 2008 which asserted that two new European countries would begin the deployment of strong authentication solutions based on the EMV banking card for online banking and e-commerce.