NETeller upbeat for 2005 - Tuesday 12th of April 2005

Shares in online money transfer group NETeller slipped back despite announcing it has now signed up 1.5mmembers and remains "very positive" about the year ahead.

Figures for the 12 months to 31 December show pre-tax profits hitting ??25m, with revenue up 130% to ??45m and a total of 1.25m members signed up, a massive increase from just 0.59m in 2003.

"The growth in revenue, member sign ups and earnings are all in line with our expectations," said President and chief executive Gord Herman.

"Implementation of our strategy to proceed with geographic expansion and increased market penetration is proceeding successfully as evidenced by our acquisition in the Asian market and the 1.5 millionth signup milestone which was achieved last week." added Herman.

"Our current momentum and outlook for 2005 are very positive."

The company has watched its shares soar since floating back in April 2004 at 200p.

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