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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Geong | LSE:GNG | London | Ordinary Share | GB00B1570688 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.625 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
GEONG International Limited ("GEONG" or the "Company") Trading Update GEONG International Limited (AIM: GNG), a leading Internet software solutions provider and operator for large enterprises in China is pleased to provide the following update ahead of the Company's announcement of audited results, which it expects to release during the second half of August 2014. Since the release of the interim results on the 20 December 2013, the Company has continued to pursue its strategy for achieving greater gross margins and generally shorter payment terms by focussing more on SaaS business. Progress has been made and the Board expects the accrued income balance at 31 March 2014 to be lower than the balance the previous year. The board continues to prioritise the reduction in accrued income. During the second half of the financial year to 31 March 2014 the Company won CITIC Bank and Cinda Group as SaaS clients, taking the number of SaaS clients to 28 at the year end. The new client wins are expected to generate revenues in the region of £0.3 million during the 12 months to 31 March 2015. Trading performance for the year ended 31 March 2014 was in line with the Company's expectation in local currency, however, due to the appreciation of sterling, it is expected Geong will report revenues around £8.0 million and a very small profit before tax. Both the increase of the SaaS revenue and the appreciation of sterling have affected the Company's year end trade receivables balance which is expected to be lower than that of the previous year. The cash balance at 31 March 2014 was £3.6 million (net cash £2.0 million). As announced on 28 March 2013, CULS of £1.0 million are due for repayment by the Company on 30 June 2014. The Company is currently making the necessary arrangements to enable it to have sufficient resources capable of being transferred out of China. Market conditions remain challenging but the Board remains confident of GEONG's business model and it's potential. For further information, please contact: GEONG International Limited www.geong.com Tel: +86 10 8586 9655 Henry Tse, Chairman Weidong Wang, CEO Nomad and joint broker finnCap Tel: +44 (0)20 7220 0500 Stuart Andrews Ben Thompson About GEONG International Limited GEONG is recognised as a leading independent Internet software solutions provider and operator for large enterprises in China. Registered in Jersey, the Company's operations are headquartered in Beijing, China. GEONG International Ltd. (GEONG or the Company) has been quoted on the London Stock Exchange (LSE AIM: GNG.L) since June 2006. The Company has since transformed from an ECM (Enterprise Content Management) software and service centric business to an internet business centric company. GEONG is an internet solutions and service software company managed by a world class management and professional team who collectively own 26% of the business. The Company's mission is to help its clients to improve their business efficiency and customer satisfaction through smarter internet applications.
For more information, please visit www.geong.com
Copyright y 28 PR Newswire
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