ESG Eservglobal Limited

 

TIDMESG 
 
RNS Number : 7586S 
eServGlobal Limited 
25 May 2009 
 
25 May, 2009 
eServGlobal Limited 
("eServGlobal" or "the Company") 
 
Update on Outlook 
eServGlobal Limited (LSE: ESG & ASX: ESV), a provider of end-to-end solutions, 
enabling smart communication and payment services for service providers on any 
generation network, today provides an update on the company's financial outlook 
for the current financial year. 
Updated guidance for the full year ending 30 June, 2009. 
The Company now expects to report full year revenue in the range AUD$150 - 
155million, compared to AUD$177.9m in the corresponding period in 2008 and 
AUD$153m in 2007, a creditable performance given the challenging conditions in 
the global telecoms industry. 
The Company has expanded its restructuring program with the aim of increasing 
the EBITDA margin in the 2010 fiscal year.  Total headcount at 30 June 2009 will 
have been reduced by 13% from 31 December 2008, which is expected to result in 
an annualised cost saving of approximately AUD$10m.  The full cost of the 
restructuring will be accrued in FY09 and is expected to be up to AUD$6m. 
Combined with the revenue outlook, this is expected to result in a full year 
EBITDA of AUD$3million before exceptional restructuring costs (an EBITDA loss of 
up to AUD$3million after restructuring costs). 
Mr. Ian Buddery, Executive Chairman of eServGlobal, said: "Market conditions 
have continued to be difficult and telecoms operators are postponing investment 
in network capacity. Therefore, we have increased our focus on new opportunities 
for our charging and payment solutions. As a result, securing four new customers 
in the second half, compared with two in the first half, a very encouraging 
trend which gives us confidence in our carefully considered revenue plan for 
FY10. 
"Our confidence in the potential of our international mobile remittance 
platform, HomeSend, is reinforced by the commercial trials for the service now 
under way with significant operators, for both North African and Asian payment 
corridors. 
"The restructuring and rationalisation of product platforms in FY09 will enable 
us to generate more revenue from a reduced cost base in coming years, whilst 
reducing the cost of implementation and support.eServGlobal continues to have no 
debt, strong cash reserves and a strong pipeline of organic growth 
opportunities." 
 
For further information: 
+----------------------------------------+---------------------------------------------+ 
| Ian Buddery                            | Numis Securities Limited                    | 
| Executive Chairman                     | Lee Aston (NOMAD) / David Poutney (Broking) | 
| eServGlobal Limited                    | Tel: +44 (0) 20 7260 1000                   | 
| +61 2 9364 2700                        |                                             | 
+----------------------------------------+---------------------------------------------+ 
| www.eservglobal.com                    |                                             | 
+----------------------------------------+---------------------------------------------+ 
 
 
Cautionary Statements 
Statements in this announcement expressing the beliefs and expectations of 
management regarding future performance are "forward-looking statements" within 
the meaning of the United States Private Securities Litigation Reform Act of 
1995. These statements are based on management's expectations as of the date of 
this document and are subject to uncertainty and changes in circumstances. 
Actual results may differ materially from these expectations due to risks and 
uncertainties including, but not limited to, uncertainty in communications 
spending, the implementation of the Company's solutions strategy, six-monthly 
fluctuations in financial results, the Company's ability to exploit fully the 
value of its technology and its strategic partnerships and alliances, the 
availability of products from product component vendors and other risks. In 
addition, while management may elect to update forward-looking statements at 
some point in the future, management specifically disclaims any obligation to do 
so, even if its estimates change. Any reference to our website in this 
announcement is not intended to incorporate the contents thereof into this 
announcement or any other public announcement. 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 TSTSEUSDISUSEII 
 

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