Operational Highlights
· Stabilized business following
· Active customers (ex
· Completed restructuring to align costs with anticipated revenues
· Continued globalization program to yield revenue growth in
· Delivered first phase of strategy to solidify position as pre-eminent provider serving online gaming sector in selected markets
· Management team committed to driving strategy for NETELLER
Financial Highlights
· Revenue in H1 2007 was $50.8 million, a decrease of 57% from H1 2006 due to withdrawal from
· European revenue in H1 2007 grew 46% to $21.2 million; Asia Pacific grew 46% to $5.4 million
· Gross margin in H1 2007 was 55%, compared to 72% in H1 2006
· Loss before tax in H1 2007 was $24.7 million due to US restructuring and legal related expenses
· Cash at
· Cash flow from operations neutral in H1 2007.
Ron Martin, President & Chief Executive Officer of NETELLER, said “These results have been produced during a very challenging period for the NETELLER Group and they represent the first stage of rebuilding the business into a platform for growth within the European and Asia Pacific markets. The resolution of our