Updates

NETeller

April 2006

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

No real surprises with 2005 results basically confirming the January pre-close trading statement. The number of users on its e-wallet now stands at 2,320,670, up 86% on last year. Meanwhile, average daily receipts were US$3.44m, up 90% on a year ago. This gave rise to revenues which doubled to US$172m but pretax profit was even better, up 177% due to lower bad debts and also greater penetration of the DirectAccept product which boosted the revenue margin to 13.7% of the money coming into a customer’s wallet up from 12.5% a year ago. Cash balance ballooned from US$37.6m to US$114m But that will carry you only so far. The law of large numbers is still to take root but there was a bit of a limited outlook on customer numbers, s ...

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Wilmington - Further acquisitions should excite

Metal Bulletin

NETeller (August 2006)

NETeller (February 2006)

NETeller (December 2005)

NETeller - Forecasts raised 33% for next year (September 2005)

NETeller - Looks well placed to meet forecasts (June 2005)

NETeller - Next move may be South Korea (May 2005)

NETeller - Durlacher sets 700p year end target (February 2005)

NETeller - Far East move imminent (December 2004)

With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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