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Xiring Q3 turnover slips as bank business suffers

13 October 2009  |  1932 views  |  0 Source: Xiring

Xiring, a security solutions provider for remote transactions, today announced a turnover for the third quarter of 2009 of 4.4 million euros (-29.2% compared with the third quarter of 2008).

The turnover for the first nine months of the year was therefore 16.2 million euros as at 30 September 2009, compared with 19.1 million euros for the same period in 2008 (-15.2%).

For the first nine months of 2009, the turnover generated by the Banking activities with strong authentication solutions based on bank cards reached 5.3 million euros, compared with 9.7 million euros for the same period in 2008, i.e., -45.5%. For the third quarter, the turnover of 1.0 million euros, compared with 3.7 million euros, i.e., -73%, was generated by the pursuit of the contracts with our UK clients. These figures, with respect to the first nine months were the result of the postponed implementation of the new programmes until 2010, which in no way jeopardizes them. XIRING has already noted restart of deliveries in the fourth quarter of 2009.

For the Healthcare activities, the turnover for the first nine months of 2009 was 10.4 million euros compared with 7.8 million euros for the same period in 2008, representing a 33.7% increase. The turnover for the third quarter of 3.3 million euros was up 57%, confirming XIRING's dynamism in a solid market.

Georges Liberman, Chairman and CEO, commented as follows: "The performance of our Healthcare activity confirms the leadership and relevance of our offer to a market that is benefiting from the health insurance changes in France such as the implementation of the Vitale 2 card. The Banking activities were heavily impacted by budget restrictions in 2009 and reached its low point in the third quarter. The market is on an upswing in the fourth quarter of this year, and shows great promise for 2010, with the growth of e-commerce, remote banking transactions and the related security needs."

XIRING revises its annual turnover target to 25 to 26 million euros and maintains its target operating income at over 14%


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