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CR2 reports strong end of year results

Strong growth in sales and profits in FY 05-06

CR2, a global provider of channel banking software solutions has announced its results for its Fiscal year ended 30 June 2006.

"It has been a very successful year for the company," said Kieran Kilcullen, Director Sales & Marketing, CR2. "There has been great market enthusiasm for our new BankWorld ITM software which, for the first time, allows banks to personalise ATM services to clients. Sales are up 20% on last year and our pipeline has grown strongly following our entry into new markets in Asia and Russia. We have added new clients to our customer list in Russia, the Middle East and Africa and have expanded our sales presence globally with a new sales office in Singapore".

In addition to new signings the company has concluded some very significant agreements with existing clients who choose to deploy CR2's Bankworld Internet channel in addition to its ATM channel. Union Bank for Savings and Investments, Cairo Amman Bank and Standard Bank Group in Africa have all gone live with BankWorld Internet during the course of the year.

"Following management changes in 2004, CR2 has made a remarkable turnaround in its financial performance over the past two years with a significant profit being recorded in FY '06" said Ronan Murray, Chief Financial Officer, CR2. "Combined with the strengthening of the company's balance sheet following new equity investments of over $12m in 2005 the company now has a strong base from which to grow."

"It has been an excellent year for CR2," said Martin Dolan, CEO. "In addition to the much improved financial performance we successfully launched our BankWorld ITM product and achieved our first live site within six months , and following on from our new sales offices in Johannesburg and Singapore which we opened last year, we have considerably boosted our customer support resources with the opening of a customer support Hub for the Middle East and Africa based in Jordan, this is currently serviced by 6 staff; plans are in place to increase this figure to 12 over the coming year".

Mr Dolan continues, "BankWorld ITM revolutionises the way banks interact with their customers by enabling them to personalise the transactions offered to clients at the ATM. This means that banks can target customers individually transforming the ATM into a revenue generating channel. Using BankWorld ITM one of our clients now sells and disburses 29% of all their retail loans via ATMs thereby deepening the client relationship".