For the fiscal year ending June 2004, City Networks has grown its revenue to over USD 23,550,000 and announced an operating profit in excess of USD 4,375,000, demonstrating the combined focus of the management and staff in creating company value through excellence in product development and customer satisfaction.
As City Networks enters its 19th year of trading, 2005 will see the company continue to place an increased focus on expansion. Its partnership and distributor strategy is an important focus for the company, with recent success in this area highlighted by the announcement of the implementation of CityNet Reconciliation at Commercial Bank of Dubai in association with City Networks' Middle East partner Euro Banking Solutions (EBS).
By strengthening its product base, as highlighted by the launch of CityNet Inform, a dynamic, monitoring and alert notification system for the senior management of financial institutions, the company is continually meeting industry and customer needs. Opening up new business channels in emerging markets has also proved successful for City Networks, with the opening of its seventh international office in Johannesburg during 2004.
The company also continues to invest in its R&D programme and increase its sales team in order to develop a broader client base. Examples of sales and implementations that took place during 2004 include: Mizuho, ING Bank Slaski, BNP Paribas, ABSA, Investec, Commercial Bank of Dubai, HSBC, and Lloyds TSB.
Costa Christodoulou, CEO at City Networks commented: "During 2004 we have successfully grown all aspects of the business in financial terms, customer share, centres of operation, and product base. A great deal of effort and commitment from our teams across the globe reflects our belief that for financial growth to be sustainable for the long term, it has to be twined with the delivery of tangible results to customers. Our strong financial standing makes us an ideal business partner and gives us the impetus for continued expansion in 2005."