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Business Outlook for Neovia

By: Fabian Rictor, Tuesday September 22nd 2009
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Financial results are of more interest to the investors of the company than to the users of the products. However financial results are accompanied by considerable qualitative information that enables the users of the products to learn about the future plans of the company. Neovia, the company that owns the popular e-wallet Neteller, has just released its half yearly results and its accompanying business outlook.

The results are for the half year ended June 30, 2009. The significant information for online players is that the number of active e-wallet users has gone up 3% from 92,757 in the first quarter to 95,492 in the second quarter. However the revenue generated from the e-wallet business has gone down 9%. Assuming that these results represent the industry, this implies that though there are more people gambling online each player on an average is wagering less than before.

Some information on new product developments was also made available in the half yearly results. A new product, Send Money remittance service, was launched. This was aimed at the merchant community that uses Neovia to remit the withdrawals to the online players. According to Neovia this product has been greatly appreciated by the online casinos. However the new product of larger interest is the Newteller platform that is being eased into operations. Currently it is running in parallel with the existing platform but it is expected that full migration to the Newteller platform will be completed by early 2010. Dale Johnson, Chairman of Neovia, said, "The Newteller platform will launch fully in early 2010 as anticipated, creating much needed flexibility for developing functionality to meet evolving market needs."

The half yearly announcements also referred to two important recent landmarks. The first was the completion of the investigation by the United States Department of Justice (DoJ) and the handing over of a copy of the Notice of Dismissal of the Complaint filed against Neteller. The second important announcement was the appointment of Mark Mayhew as the new president and CEO with effect from September 1, 2009. Mayhew said that he would be concentrating on revenue growth through fine-tuning the strategy and execution to reflect the evolving market needs.

Commenting on the results Johnson said that given the difficult market conditions that prevailed, the results were in line with the management's expectations. He also predicted that the conditions would continue to remain tough in the second half of the year. The focus of the company would be on maximizing revenues, controlling costs and preserving cash. Johnson expected the company to give a better performance in 2010.

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