Neteller in pre-close statement: inline and confident
Neteller (NLR) the online payment processor that many gamblers world wide use to transfer payments (including me) issued a decent pre-close update today. Shares were down 4% in early trades in a weak market.
The story is one of "steady as she goes". I suspect NLR will be taken out at some point possibly at a price around the £1. Not a bad one to tuck away.
Pre Close Trading Update (Neteller) [ADVFN]
Trading update
The growth trends in revenue seen in the first quarter have continued, with reported
revenue for the second quarter of the year expected to be approximately 10% ahead of the first quarter. Fee revenues from the Group's e-wallet have continued to show double digit quarter-on-quarter growth. The Group's sign ups and active customer growth have followed past trends whereby quarter two traditionally exhibits slower growth than the first quarter.
As anticipated the second quarter will produce a lower gross margin than the first
quarter, reflecting the impact of the Group's VIP rebate program which was launched in late April. However, the net impact of this program and other marketing initiatives is expected to result in a slight improvement in operating margin in the second quarter.
Overall, the Group has continued its good start to 2008 and therefore expects to report a result for the first six months in line with market expectations. The Group is continuing to invest in developing its businesses and the Board is confident of further progress in the second half of the year as the Group's growth plans remain on track.
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