lse.co.uk
Online money transfer group Neteller is confident it will meet expectations for the full year as it reported a significant increase in third quarter profit and sales.
Income before tax rose to $26.3m in the three months ending 30 September 2005 from $12.8m the time before. Revenues increased to $44.9m from $22m the year before.
"Th third quarter is traditionally strong and we have seen excellent growth across all areas of the business on a year-to-date basis. We look forward to the final quarter of 2005 with confidence and expect to demonstrate continued progress," said chief executive Gord Herman said in a company statement.
Neteller, which transfers money for online gamblers, is now moving into Internet banking it said.
At the end of October the group bought payment service provider Netbanx for £12.36m in cash.
"The acquisition underlines Neteller's position as a leading payment provider to the e-commerce sector and the acquisition is expected to enhance earnings in the first full year after acquisition and provide operational synergies," the group said today.
