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Neovia plc's full year results to December 31, 2008 were published this week, and will do little to cheer investors. Indeed, as the Board commented: "Nonetheless, the Board is not fully satisfied with the Group's progress towards its strategic aims. Trading in the year to date has been disappointing and reflects a weakening trend in Europe, due to an increasingly competitive market, challenging economic conditions, volatile currency markets and limitations in new product introductions."
The Board has withheld a dividend as it seeks to preserve cash to retain financial flexibility.
Key Performance Indicators over the year included:
Neovia chairman Dale Johnson commented: "During 2008 progress was made by the NEOVIA Group in building the foundations to be a pre-eminent provider of bold online payment solutions to selected e-commerce communities. Creditable financial performance was achieved, in line with market expectations, despite a sharp deterioration in economic conditions worldwide. While the Board remains confident about the Group's prospects, the overarching themes for 2009 will be leveraging high potential initiatives, cost control and prudent cash management."
The trading results for the first quarter of 2009 are disappointing.
Dale Johnson, Neovia's chairman, commented: "Trading in the first three months of 2009 is disappointing and reflects a weakening trend in Europe due to an increasingly competitive market, challenging economic conditions, volatile current markets and limitations in new product introductions until Newteller (the Company's new technology platform) is launched in Q3, 2009.
"The future benefits of Newteller will include cost savings and greater operating efficiencies within the Group. We expect 2009 to be a year of both significant challenge and exciting opportunity. Investment in the business will continue, especially for completion of the Newteller programme. Strategic opportunities are being examined, particularly in support of the Group's card strategy. The work to create greater differentiation, accompanied by a cost structure that creates competitive advantage, will be accelerated.
"While the Board remains confident about the Group's prospects, the overarching themes for 2009 will be leveraging high potential initiatives, cost control and prudent cash management."
Source: InfoPowa News