9 Oct 2009 12:29
9 October 2009
Earthport plc
("Earthport") or ("the Company")
Trading update
Earthport, the global payments utility, announces that it has yet to receive the £2m debt due from its Middle East Partner pursuant to the partnership agreement announced on 7 January 2009. The Company understands that this is due to the impact that the downturn in the global economy has had on that partner's business.
The absence of this receipt is likely to result in the Company's revenue and profit for the year ending 30 June 2009 being materially less than market expectations.
This has not affected the day-to-day operations of Earthport Middle East Ltd., a wholly owned subsidiary of Earthport Plc which is continuing to demonstrate good potential.
The Company will provide a further update with its preliminary results, which are due to be announced on 20 October 2009.
- ENDS -
For further details, please contact:
| Earthport plc |
|
| James Bergman, CEO | 020 7220 9700 |
|
|
|
| Financial Dynamics |
|
| Jonathan Brill / Alex Beagley | 020 7831 3113 |
|
|
|
| Panmure Gordon |
|
| Dominic Morley / Adam Pollock | 020 7614 8388 |