17th Jun 2009 07:00
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Press release |
For immediate release |
NEOVIA Financial Plc
AGM Statement
Wednesday, 17 June 2009 - At the Annual General Meeting of NEOVIA Financial Plc ("NEOVIA" or the "Company"), (NEO.L), the independent online payments business, being held later today in the Isle of Man, Chairman, Dale Johnson, will make the following statement:
"The Company made progress during 2008 towards its vision of becoming the global provider of bold online payment solutions to selected e-commerce communities. A creditable financial performance was achieved despite significant deterioration in economic conditions worldwide.
2008 was a transformational year for the Company - the change of name to NEOVIA Financial was a natural evolution to better reflect the Group's full-suite of branded gateway, e-wallet and card programme services. The Group also launched a new line of MasterCard® products, including the Net+ card which has been nominated for a number of awards.
The Group indicated in its 2009 first quarter trading update at the end of April that business had been difficult. However, the second quarter, to date, has been more encouraging and trading in the year thus far is in line with management expectations.
The Group has made progress in its revenue generation initiatives, and these are beginning to bear fruit, including the recently announced diversification into the Massively Multiplayer Online Gaming (MMOG) market and signing of MindArk, operator of the leading virtual world Entropia Universe. Cost containment has also been a primary focus. The Board continues to consider opportunities that could accelerate growth. NEOVIA also remains committed to sustaining a sizable capital reinvestment programme in technologies and business processes to facilitate strategic positioning and differentiation going forward.
At the end of May, and as previously indicated, Ron Martin left the Group as President and CEO after a transition period. On behalf of the Board and management team, I thank Ron for his contribution to the Group over four challenging years. The Board's process to select a new Group Chief Executive Officer is making good progress and we expect to announce an appointment early in the third quarter.
In the continuing challenging market conditions, the Board and management team remain focused on maximising revenues, maintaining control over costs, delivering a capital programme to support the strategy for the future, and preserving cash to deliver value for all shareholders. Despite these challenges, the Board continues to be optimistic about the outlook for NEOVIA for the full year."
For further information contact:
Andrew Gilchrist + 44 (0) 1624 698 713
VP Communications, NEOVIA Financial Plc
Email: [email protected]
Citigate Dewe Rogerson + 44 (0) 207 638 9571
Sarah Gestetner / George Cazenove
Daniel Stewart & Co Plc + 44 (0) 207 776 6550
Paul Shackleton
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About NEOVIA Financial
Trusted by consumers and merchants in over 160 countries to move and manage billions of dollars each year, NEOVIA Financial Plc (formerly NETELLER Plc) operates the world's leading independent online payments business. Through its Payment Suite, featuring NETELLER®, NETBANX®, Net+™ and 1-PAY™ brands, NEOVIA Financial specialises in providing innovative and instant payment services where money transfer is difficult or risky due to identity, trust, currency exchange, or distance. Being independent has allowed the company to support thousands of retailers and merchants in many geographies and across multiple industries.
NEOVIA Financial Plc is quoted on the London Stock Exchange's AIM market, with a ticker symbol of NEO. Subsidiary company NETELLER (UK) Ltd is authorised by the Financial Services Authority (FSA) to operate as a regulated e-money issuer. For more information about NEOVIA Financial visit www.neovia.com or contact us by email at [email protected].
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