rns 31 Jul 2014 13:16
Group revenues in the first six months of 2014 have increased significantly, to €2.9M. Vipera has continued to reach out to rather larger financial institutions than before. We are selling into a rapidly growing market for mobile card management and payment solutions, addressing the ultimate goal of providing financial institutions with the ability to add value to their merchant relations as well as an option to provide additional cardholder benefits. This is reflected in the continued development of our product offering over the last six months. Thanks to the acquisition in December 2013 of Codd & Date Srl, our team has grown to more than 80 employees and contractors as we scale up our capacity to deliver our customer projects. As well as a number of technologists, this includes consultants and senior sales people who help promote the Motif platform. In the last six months we have deeply extended the integration with them and I am pleased to report that they are performing to expectations. Particularly after the acquisition of Codd and Date, a significant part of our group revenue is from consulting; providing advice at a senior level into the banking industry on technology and in particular new digital trends. Synergies with the consulting activities arise in a deeper body of technical and customer knowledge and support to sale of our Motif customer engagement and merchant loyalty solutions for banks. Consulting also gives us a source of more even stable income. In February, we raised a further €1.3M of capital which, together with sums raised in December 2013 bring the additional capital available to some €2M. A key allocation of this has been deployment into recruiting additional resource. We intend to continue to invest in sales and strategic development resources. On 1 January 2014, the presentation currency of the Group’s results changed from Sterling to Euros and all historic comparatives have been translated into euros at the rate prevailing at 1 January 2014. In looking to the rest of the year, the financial result will be significantly dependent on the timing of transactions and in particular the speed of customer decision-making. Nevertheless the response of some major banks to the more sophisticated functionalities and offering built on our Motif platform is generally positive; this response and the market reception being given to some of our newly developed ideas is encouraging and in due course we hope to make public announcements in relation to these, some of which have been under implementation for some time.
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