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GEONG declines after cautioning on annual income

Thu, 29th May 2014 12:58

AIM-listed GEONG International, an internet solutions software provider declined after saying income was lower than last year's. The Chinese company said that although its trading performance for the year ended March 31st was in line with expectations in constant currency, the appreciation of sterling means revenues were actually around £8.0m, delivering a "very small" profit before tax. "Both the increase of the software as a service (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," a statement from the group read. "The board continues to prioritise the reduction in accrued income."During the second half of the year, GEONG won CITIC Bank and Cinda Group as 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 £0.3m during the 12 months to March 31st 2015.The cash balance at March 31st 2014 was £3.6m (net cash £2.0m)."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," it added. The share price dropped 4% to 3.60p by 13:16. NR
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29 May 2014 11:18

CORRECT: UK WINNERS & LOSERS: Kingfisher Leads FTSE 100 Fallers

(An item published at 1209 BST misstated the first name of Aggreko's incoming chief executive. The correct version follows.) LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices midday Thursday.
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FTSE 100

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29 May 2014 11:09

UK WINNERS & LOSERS: Kingfisher Leads FTSE 100 Fallers

LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices midday Thursday.
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FTSE 100 - WINNERS
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Smith & Nephew, up 4.1%. Shares in the medical technology company have r

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29 May 2014 10:23

Geong International Warns On "Very Small" Full-Year Profit

LONDON (Alliance News) - Geong International Ltd said it has made progress in 2014 with its strategy of achieving greater gross margins and short payment terms by focusing more on Software as a Service business, however due to the appreciation of sterling it expects to report revenues of around G

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20 May 2014 08:00

Greencore Group's first half revenues and profit rise

- Revenue up 8.2 per cent - Store openings boost earnings - Pre-tax profit up 20.5 per cent Convenience store food producer Greencore Group reported an 8.2 per cent rise in first half revenue to 619.8m pounds, driven by store openings by major retailers. The company said a rise in employment and

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25 Nov 2013 11:52

UK WINNERS & LOSERS: Airlines Soar, Oil Producers Slip After Iran Deal

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25 Nov 2013 08:33

GEONG Slides As Order Book Declines, Growth Yet To Resume

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25 Nov 2013 07:59

AIM IN BRIEF: UBC Media Confirms Agreement To Acquire 7digital

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14 Oct 2013 11:36

Geong Unaware Of Reason For Share Price Surge

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26 Sep 2013 14:15

Geong International Shares Up 65%, Chairman Sees Significant H2 Opportunities

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21 Jun 2013 13:39

GEONG International appoints new CFO

GEONG International, an internet software solutions provider, has appointed David Tsui as its new Chief Financial Officer (CFO). Tsui's has previously worked in financial management for Asia Ceramics Holdings, China Eastsea Business and Dragon Sportswear Holdings. The company also announced Amit

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25 Jan 2013 11:54

Geong International plummets on overdue loan repayment

Geong International plunged 30 per cent after the China-focused software group announced it missed an interest payment last year. The payment, in relation to a £2.5mn convertible unsecured loan stock (CULS), was due on December 31st. However it wasn't made until January 15th following unexpected

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23 Jul 2012 14:30

Geong disappoints with profits well below expectations

GEONG International, an AIM-listed China-based provider of online business solutions, disappointed investors after declining earnings during a challenging year pushed profit significantly lower. Turnover fell from £11.3m to £9.7m year-on-year (y/y), reducing the gross margin from 53% to 47% and pre

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22 Feb 2012 12:56

GEONG International revenues down

Chinese internet software firm, GEONG International, has reported that total revenues for the nine months ended December 31st were marginally lower than in the same period last year. Revenues were around £7.6m, of which £2.8m was generated in the third quarter, a pro-rata increase of 17% over the £

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12 Jan 2012 09:48

Small caps round-up: Hambledon, Cluff Gold, Orosur, Alumasc, Theo Fennell ...

Hambledon Mining announced that the European Bank for Reconstruction and Development (EBRD) has posted a Project Summary Document relating to a potential $15m debt facility along with an equity investment of $3m for Hambledon to develop the Sekisovskoye underground mining operation and other group p

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20 Dec 2011 09:34

Tuesday broker round-up - UPDATE

SABMiller: Nomura reiterates buy recommendation and 2,500p target. British Polythene Industries: Investec reiterates buy rating and 400p target. Renewable Energy Generation: Evolution Securities keeps buy stance and 90p target. Geong International: Evolution Securities maintains buy and 50p targe

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