30 May 2013 07:00
GEONG INTERNATIONAL LIMITED - Trading StatementGEONG INTERNATIONAL LIMITED - Trading Statement
PR Newswire
London, May 29
GEONG International Limited (AIM: GNG), a leading Internet software solutionsprovider and operator for large enterprises in China is pleased to provide thefollowing 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 withthat of the previous year with turnover at a similar level albeit at a reducedgross margin. As in the year ended 31 March 2012, the Company expects to reporta small profit before tax for the last financial year. Trade receivables haveincreased over the period as a result of both exchange rate movements as wellas an increase in accrued income due to invoicing delays whilst changes to thenational tax system were being implemented. The cash balance at 31 March 2013was GBP4.5 million and the Company has completed repayment of the GBP 1.5million of convertible unsecured loan stock referred to in the announcement of28 March 2013.
GEONG has continued to execute its strategy of working closely with itsexisting customers and trying to drive more business from IaaS to SaaS in orderto achieve a higher average margin and to improve cash flow.
Market conditions remain challenging but the Board remains confident of GEONG'sbusiness model and its potential.
For further information, please contact:
GEONG International Limited www.geong.com Tel: +86 10 8586 9655Henry Tse, ChairmanWeidong Wang, CEO Financial Adviser and Joint BrokerEvolution Securities China Ltd Tel: +44 (0)20 3362 8882Tim Worlledge Nomad and joint brokerfinnCap Tel: +44 (0)20 7220 0500Stuart AndrewsBen ThompsonAbout GEONG International Limited
GEONG is recognised as a leading independent Internet software solutionsprovider and operator for large enterprises in China.
Registered in Jersey, the Company's operations are headquartered in Beijing,China. GEONG International Ltd. (GEONG or the Company) has been quoted on theLondon Stock Exchange (LSE AIM: GNG.L) since June 2006. The Company has sincetransformed from an ECM (Enterprise Content Management) software and servicecentric business to an internet business centric company.
GEONG is an internet solutions and service software company managed by a worldclass management and professional team who collectively own 26% of thebusiness. The Company's mission is to help its clients to improve theirbusiness efficiency and customer satisfaction through smarter internetapplications.
For more information, please visit www.geong.com