AGM Statement

 

TIDMIEN 
 
RNS Number : 3818O 
Intelligent Environments Group PLC 
29 June 2010 
 

 
 
IEN.L 
 
                                 AGM STATEMENT 
 
 
                  Strong growth in new Mobile Banking market 
 
                New contracts with First Data, Generali & LaSer 
 
 
 
 
Intelligent Environments Group plc (AIM Ticker: IEN), the online software 
provider for financial services, is holding its Annual General Meeting today at 
which the Chairman, Clive Richards, will make the following statement:- 
 
"In our annual results announcement for 2009, we highlighted that the  Company 
had been developing a mobile banking platform in order to address the mobile 
banking opportunity in the UK as well as internationally and raised GBP0.75 
million on 17 February 2010 to help develop this significant opportunity 
further. 
 
The Company has made important progress with this strategy and in addition to 
First Data, two other of the Company's existing clients,  Generali and LaSer 
have signed up to the mobile service and are expected to go live in the third 
quarter of 2010. 
 
We believe that, with the Company's progress in this new market to date and, 
with a strong pipeline in existence, underpinned by the significant growth 
expected in mobile banking across Europe, the Company is well positioned to 
capture the potential in the mobile banking market. 
 
In contrast, the retail banking market in the UK remains subdued and this in 
turn has had an impact on our NetFinance business.  Sales cycles have been 
extended which in turn have led to a significant reduction in implementation 
fees compared to the same time last year. 
 
However with a new partnership with Fidelity recently signed and an improving 
pipeline of potential business, the Company expects a recovery in the second 
half of the year offsetting this initial shortfall. 
 
The Company's strategy to develop a long term recurring revenue base has 
continued to improve due to a full half year contribution from National Savings 
and Investments, and also the launch of the Orange credit card by Barclaycard. 
These transactional revenue customers coupled with Argos and Vanquish going live 
in the first quarter 2010 means that the recurring revenue performance will be 
ahead of 2009 at the half year stage. 
 
Overall we have made good progress in the year to date and I expect our 
financial performance to reflect this by the end of the year." 
 
 
+-----------------------------------------------+----------------+ 
|   Intelligent Environments Group plc          |                | 
+-----------------------------------------------+----------------+ 
|   Phillip Blundell, Chief Executive           | Tel: [phone]  | 
|                                               | 9800           | 
+-----------------------------------------------+----------------+ 
|   www.ie.com                                  |                | 
|                                               |                | 
+-----------------------------------------------+----------------+ 
|   Canaccord Genuity                           |                | 
+-----------------------------------------------+----------------+ 
|   Simon Bridges / Henry Fitzgerald-O'Connor   | Tel: [phone]  | 
|                                               | 6500           | 
+-----------------------------------------------+----------------+ 
|                                               |                | 
|   Biddicks                                    |                | 
+-----------------------------------------------+----------------+ 
| Shane Dolan                                   | Tel: [phone]  | 
|                                               | 1000           | 
+-----------------------------------------------+----------------+ 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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