NETELLER Reveals Quarterly Results
By Staff
Isle of Man-based online payment solution specialist NETELLER has released a trading update for the third quarter showing a 27 percent increase in overall revenues from its e-wallet services for the period to $13 million.

The firm revealed that European revenues including those from its UK-based NetBanx online credit and debit card processing service increased 20 percent from the same period last year to $12.1 million while those from Asia-Pacific rose 61 percent to $4.9 million.

NETELLER stated that active e-wallet users for the quarter amounted to 97,447, a three percent rise, while revenues per active user rose 23 percent from last year to reach $134, which was also a three percent increase over the second quarter of 2008.

The firm has proposed changing its name to Neovia Financial subject to the approval of shareholders and is holding an extraordinary general meeting in Douglas next Tuesday to approve the alteration. It also revealed that average daily sign-ups grew three percent over last year while mean day-by-day receipts also rose 31 percent.

NETELLER stated that its gross margin for the quarter was 60 percent, down from the previous period’s 61 percent, however operating income increased from $2.7 million to $3.8 million.

“Despite the challenging economic environment, the group has continued to show underlying growth in its core e-wallet business both in Europe and Asia-Pacific,” said Ron Martin, President and Chief Executive Officer for NETELLER.

“Our efforts to target key merchants with our integrated Payment Suite are beginning to bear fruit and we have improved our consumer offering with further enhancements to the e-wallet and the launch of our Net+ prepaid cards. The current market conditions are producing a number of interesting investment opportunities, which we are actively pursuing and we hope to provide further updates in due course.”
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