Neteller, which is registered on the Isle of Man as a financial services company just keeps growing. This is made clear by the current first quarter 2006 results which, unquestionably confirm that growth is the ongoing trend for this well-managed group.
According to its latest trading update, the ubiquitous e-cash provider has seen average daily receipts soar to US$4.7 million (GBP 2.5 million) from US$2.87million in the same period last year. This is according to the latest trading update for this widely used in online gambling.
For the quarter, on average every day, an astonishing 3,609 users signed up. While at quarter end, total customers were over 2.6 million. The company achieved gross margins of 73.5 percent with total revenues being up 69 percent to US$57.9 million over the same period.
Last week, announced expansion across Europe and Neteller now offers local language and Euro payment options and has last week announced its European expansion. This includes a 24-hour local resident language speaking helpdesk facility. In Asia, it has also expanded its offering and used a Java platform to overhauled its existing technology.
Neteller’s English-only site has more than 2.6 million customers with 3,400 merchants located in 160 countries.