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Thursday, 3 July 2008 – NETELLER Plc (LSE: NLR), the leading independent, global provider of online payments, is pleased to provide a trading update prior to entering its half year close period. The Group’s results for the six months ended 30 June 2008 will be announced on Wednesday, 3 September 2008.
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.
Sale of Calgary property
As announced on 30 June 2008, the Group is close to completing the sale of its principal Calgary property and expects to provide a further update on or before 11 July 2008.
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