Vipera Plc (LON:VIP) CFO Martin Perrin talks to DirectorsTalk about the release of its half year results. Martin talks us through the highlights, explains what the acquistion of SofTelecom means for the company, how the proceeds from the €2.5m funding will be utilised and shares his thoughts on the rest of the year.
Period Highlights:
· Revenue €4.35 million: up 15% vs prior year (H1 2016: €3.78 million)
· Operating loss €0.56 million (H1 2016: €0.40 million), reflecting investment spend to accelerate path to profitability
· Major contract won with major existing customer in Middle East
· Signed initial contracts with two financial institutions – in North America and United Kingdom generated through new Mastercard partnership
Post-Period Highlights:
· Acquisition of SoftTelecom in Spain and establishment of Iberia presence
· €2.5 million subscription at premium to market price to finance acquisition and raise expansion capital
· Dubai office opened
· Completion of Codd & Date reorganisation
Vipera Plc CEO Marco Casartelli commented, “2017 has, so far, been another year of positive progress for Vipera, which has seen further growth in business with both existing and new customers, including wins in new geographies and in addition, the first two contracts with financial institutions generated through our partnership with Mastercard. We also completed the acquisition of SoftTelecom in Spain as part of our expansion strategy, which has provided us with an established presence in Iberia and additional technical resources. We are encouraged by the appetite for our solutions by the financial services and banking industry through a period of market uncertainty. We continue to strive to achieve the targets which we have set ourselves and look forward to progressing our growth further throughout the rest of this year.
“We would like to take this opportunity to thank our continually supportive investor base and our employees for their hard work in the year to date.”