LONDON (Alliance News) - GEONG International Ltd Monday said it expects its results for the first half to be in line with expectations on the back of contract wins, and said it it optimistic on its outlook for the second half too, sending shares higher in early trade.
The China-based enterprise content management company said it has won two software as a service clients in the new financial year to date from second-tier Chinese banks and sees significant opportunities in the second half. It said it hopes to announce further contract wins in the near future.
It also said it has made steady progress on trade receivables and expects total accrued income at the half year to the end of September to be slightly lower than at the end of its last financial year at end March. Cash collection from April 1 to September 30 was around GBP3.8 million, it said, in line with its expectations.
GEONG said it expects its half-year results to the end of September to be in line with expectations when it posts them in mid-January.
GEONG shares were among the best performers on the AIM All-Share index in early trade, up 17% to 3.95 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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