Eservglobal boosts orders and annual profits

Eservglobal, which provides mobile financial services to emerging markets, reported higher orders and annual profits and said it was confident about prospects.

The group said it had a backlog of work of £2.7m, 43% up on the same time last year. It also posted net post-tax profits of £7.9m versus £6.6m a year ago.

It successfully completed its HomeSend joint venture (JV) on 3 April, taking the international money transfer platform to its next level of worldwide expansion.

The JV is now operating as an independent entity, with the full support of partners MasterCard and BICS. Eservglobal gets a 35% share of the profits or losses of Homesend.

The group also said it was now benefiting from expansion and extension business from its 65-plus core business customers in more than 50 countries.

Chief executive Paolo Montessori said: "Our core business of delivering mobile financial services in emerging markets is showing positive progress.

"We enter the new financial year with a stable and diversified customer base, high proportion of recurring revenues, and a healthy backlog of work. This, combined with continuing investment and drive, gives me great confidence that we will deliver growth and improved operating margins in the coming years."

The stock rose 0.5p or 1.6% to 32.5p at 15:35 in London.