News
says Chief Executive,
Anthony Howard
GFG Group has reported strong growth in revenue and profit for its fiscal year ended 31 March 2005 - with growth forecast to continue during 2006.
2 May 2005 / Media Release
GFG Group Chief Executive, Anthony Howard, says revenue grew 68% during the year to $NZ 8.4 million. Profitability was also strong with new investment capital funding major product and infrastructure development.
"During 2005 we began a major redevelopment of the company, completing the buy back all intellectual property rights in our GFG:UniCARD product. This set the scene for a $3 million injection of new capital to fund product development as well as growth in our sales and service organisation. Our focus for the coming year is Australia and South East Asia and we are forecasting accelerated market penetration for both GFG:UniCARD as well as our new GFG:Mobile product," Howard says.
"Particularly pleasing during the year has been the strength of our balance sheet. Our business is the provision of mission critical payment solutions for our customers. As such, we need to demonstrate we have the financial strength required to give customers confidence that we can maintain a strong and stable business for the long term and the capability to continue to develop our products to meet changing market requirements."
"Coupled with strong revenue growth," Howard says, "was significant investment in products and services." Highlights including the redevelopment of GFG:UniCARD, continuing major investment in GFG:Mobile and continuing development of the GFG:FINsim utilities applications.
"Along with that has been investment in looking to attract leading payments specialists and developing the people we have. What sets us apart is our intellectual capital and we guard it jealously," Howard says.
"Looking forward, investment for growth will continue with a particular focus on key geographies, including Australia, New Zealand and South East Asia."
