International sales drive profitable growth for payment software company GFG Group
Auckland, New Zealand – 22 June 2011. New Zealand payment software and services company GFG Group has reported solid revenue and profit growth for the year
ended 31 March 2011. Revenue increased by 10 percent, with profit before tax (EBITDA) of 13.5 percent of revenue. Growth
is forecast to continue during 2012.
GFG Group executive director Dennis Row says highlights for the 2011 year included the signing of ten new customers in
GFG’s key target markets of Asia Pacific, Africa and the Middle East. Sales were across GFG’s three main product lines:
Cadencie (card payments), Simfonie (mobile payments) and its FINsim testing tools.
“The lingering effects of the global financial crisis have been outweighed by the continuing convergence of payment
systems, driving demand for proven payment solutions which enable customers to make payments with mobile devices as well
as traditional credit and debit cards,” Row says.
“GFG has proven products and expertise across both card management and mobile payment solutions. We are now well
recognised by banks, mobile network operators and third party processors looking to offer innovative, convergent payment
solutions to their customers.”
During the year, Gartner Group referenced GFG as ‘a promising company with strong back-end and Card Management
capabilities’. This, Row says, reflects growing market recognition of the robust, bank-grade processes and systems which
underpin GFG’s card and mobile payments solutions.
Other 2011 highlights, Row says, included the setting up of a new branch subsidiary and sales office in Dubai to support
sales in the Middle East and Africa. There was high retention of existing customers, with a number of major upgrades to
meet new market demands. Continuing investment in product development resulted in new software releases – including
enhanced issuing and acquiring features in GFG Cadencie, and new agent and reseller management features in GFG Simfonie.
“The 2012 financial year has kicked off very solidly. We have strong sales momentum, matched by a strong balance sheet.
We have a strong competitive edge in our ability to provide bank-grade mobile payments for emerging markets. Over the
coming months we will be announcing strategic new sales in all our key target markets. We believe the best is yet to
come,” Dennis Row says.
About GFG Group
Accredited by the World Bank, GFG is a leading global provider of electronic payment solutions and services to more than
60 banks and Mobile Network Operators (MNOs) in over 20 countries. Three of the world’s top 30 MNOs are GFG customers.
Total subscribers number over 480 million.
GFG’s Java-based Cadencie (credit card payments) and Simfonie (Mobile payments) applications enable customers to launch
products up to 55 percent faster, with operational cost savings of up to 70 percent, on any hardware platform. This
combination of greater speed to market and lower operational costs gives GFG Group customers a measurably faster return
on investment.
GFG Group’s core research and development team is based in Auckland, New Zealand, with sales, consulting and support
staff operating from offices in Melbourne Australia, Manila in the Philippines, Singapore and Dubai UAE. For more information, visit: wwwgfg-group.com
ENDS