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GNG Geong

1.625
0.00 (0.00%)
26 Apr 2024 - Closed
Delayed by 15 minutes
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 - Trading Update

29/05/2014 7:00am

PR Newswire (US)


Geong (LSE:GNG)
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                          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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