about this share since the last RNS. I've been doing lots of research and some dummy trades since Friday. MM's not been interested either as it's not been possible to sell much without it going to a negotiated trade. Crap website, emails not being answered and full mail servers not accepting mail. The last RNS just about summed it up for me, even management don't seem interested to put out such a despondent update. Sold half my holding this morning, down slightly, but still hoping for an improvement over the next couple of months to recoup that, then I'm done come what may!
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 preliminary announcement of results, which is expected to be released during the second half of July 2013.
Trading performance for the year ended 31 March 2013 was broadly in line with that of the previous year with turnover at a similar level albeit at a reduced gross margin. As in the year ended 31 March 2012, the Company expects to report a small profit before tax for the last financial year. Trade receivables have increased over the period as a result of both exchange rate movements as well as an increase in accrued income due to invoicing delays whilst changes to the national tax system were being implemented. The cash balance at 31 March 2013 was GBP4.5 million and the Company has completed repayment of the GBP 1.5 million of convertible unsecured loan stock referred to in the announcement of 28 March 2013.
GEONG has continued to execute its strategy of working closely with its existing customers and trying to drive more business from IaaS to SaaS in order to achieve a higher average margin and to improve cash flow.
Market conditions remain challenging but the Board remains confident of GEONG's business model and its potential.
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