The online money transfer provider announced a 106 per cent increase in third quarter revenue up to $44.9m and a 176 per cent rise in net income up to $23.6m. The year to date figures are respectively $118.4m (+115%) and $60.6m (+203%).
The company averaged 3.085 daily sign ups, up 48 per cent from the same period in 2004, and $3.64m in daily receipts, up 88 per cent. Year-to-date sign ups are up 64 per cent over the previous year, while year-to-date daily receipts are up 98 per cent.
The gross margin was stable at 73.9 per cent, which however represents a considerable increase from the 69.6 per cent gross margin recorded in 2004. NETeller\’s scalable operating platform continues to allow for increased volume of transactions to be handled while maintaining a stable gross margin.
“I am pleased that we have continued to grow the business in line with our strategic objectives. The third quarter is traditionally strong and we have seen excellent growth across all areas of the business on a year-to-date basis. Since his appointment as Chief Operating Officer, Ron Martin has made a considerable contribution to all operational aspects of the business, in particular the implementation of the next generation system which remains on course. We look forward to the final quarter of 2005 with confidence and expect to demonstrate continued progress.” said the CEO, Gord Herman.
NETeller gained 3.34% and closed at 682.5p.
In separate news, PartyGaming slipped 2.5% after negative comments from Citigroup who said the gaming market market still needed consistent and sustained evidence of better growth than has been seen in the last two quarters.
Top London-based businessman Vivian Imerman is to buy 10 per cent in Crystal Gaming and take up the position of Chairman at the online casino group which is about to float on London\’s AIM.
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