News
GFG meets aggressive product development milestones for 2006
19 June 2006
GFG Group has reported continued strong revenues for its fiscal year ended 31 March 2006 - with major ongoing investment in product development, infrastructure and global sales and marketing resources.
GFG Group Chief Executive, Anthony Howard, said service and support revenues from existing major customers were maintained during 2006 – following a 68 percent revenue increase during 2005. Behind the scenes major investment focused on the continuing redevelopment of GFG’s flagship card management software GFG:UniCARD, the new mobile payments software GFG:Mobile, and GFG:FINsim a high-demand ATM testing and simulation product.
“This has been a huge investment year for us,” Howard says. “We have achieved the aggressive product development milestones set at the beginning of the fiscal year and are forecasting strong sales and revenue growth going forward.
“During the year we released GFG:UniCARD 6.1 with full EMV compliance. During the second quarter this year we’ll launch the Java version of GFG:UniCARD. Sales prospects are healthy – both for end-user sales and through our new bureau operation established in Australia.
“Particularly pleasing has been progress on development of our next-generation mobile payments software GFG:Mobile. Working with existing customers Vodafone in New Zealand and Smart Communications in the Philippines we have considerably enhanced the product and within the next few weeks will announce a major new sale in North America, now in final contract negotiation.
“Also pleasing has been the re-engineering of GFG:FINsim, our ATM testing software. This now has a strong base of satisfied customers, and continuing strong new business enquiry and market uptake. Reseller agreements have been concluded in the Philippines, with reseller agreements pending in other markets,” Howard says.”
“Our 2006 fiscal year was about investment in our products, our people and our infrastructure. We are now turning our focus outwards to the market, looking to close major new business around each of our three main product lines. We are particularly confident of our prospects in the burgeoning mobile payments market, where we have a truly market-leading product, with satisfied customers, and considerable momentum.”
