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GFG NEWS - GFG GROUP SALES CONTINUE TO GROW BY 19%

20 October 2009 - GFG Group Ltd

GFG Group announced today its six month sales to September 30th are on track to achieve double digit growth of 19% for the full year and the number of customers now able to access GFG's software solutions has reached 125 million across 39 countries.

"Our business continues to perform well especially in emerging markets in Asia and the Middle East. Our plans continue to reflect the rapid changes in the operating environment, and with the support of our current shareholders we remain debt free, profitable and will grow our sales by 19% in 2009", said Grant Halverson, CEO of The GFG Group.

GFG Group's Key achievements in 2009 include:

  • Becoming one of the largest players in mobile payments in emerging markets with over 125 million consumers able to access GFG's payment solutions.
  • The addition of 5 new card management institutions in Europe, Latin America, IndoChina including Laos and the Philippines with the PayFair Europe a multi-country network being a key highlight.
  • New product releases of GFG's two payment platforms - Simfonie for mobile payments solution and Cadencie for card management solutions all based on Java. Providing better flexibility and delivering significant cost savings to clients in the current environment.
  • The UAE and the Philippines markets achieved the highest level of growth for GFG in 2009
  • A focused strategy targeting 15 key target markets in Australasia, Asia and the Middle East and builds on the 15% sales growth in 2008.
  • The sales growth is even more special when you consider 70% of GFG's revenue is in US dollars which has depreciated 48% in the last 5 months.

"Our key value proposition is delivering payment solutions to our clients that achieve banking standard performance, whilst using modern languages that enable cost efficiencies to be achieved. Our decision to focus on Asia, the Middle East and Australasia some 18 months ago now seems in hindsight like a strategic 'masterstroke' given how other developed economies are performing", said Grant Halverson. "We expect to continue to improve our performance in 2009-2010."

For further information contact: Grant Halverson, CEO, GFG Group   GHalverson@gfg-group.com

 

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