STOCKHOLM, Sweden, Oct. 23, 2003 (PRIMEZONE) -- NeoNet's (Stockholm:NEO) transaction revenues for the period 1 January -- 30 September 2003 were SEK 105.4 m (SEK 142.7 m) while net sales amounted to SEK 109.3 m (SEK 148.0 m). The operating earnings before depreciation and net financial items were SEK -10.4 m (SEK 1.2 m). For the third quarter the operating earnings before depreciation and net financial items were positive and amounted to SEK 1.4 m (SEK -6.5 m).
The improvement in earnings is attributable to decreased personnel and other operating expenses, decreased transaction-related expenses and increased turn-over. The transaction margin was 66%, an improvement during the year. The transaction revenues the third quarter were SEK 37.5 m (SEK 35.6 m).
"I am pleased to announce positive operating earnings for NeoNet for the third quarter," said Staffan Persson, acting CEO. "Our transaction revenues improve as a result of increasing turnover on the world's exchanges. If this positive trend can be sustained it will be reflected to an even greater extent in NeoNet's results in the future."
"The improved result for the period is indicative of the potential of NeoNet's business model," Staffan Persson continues. "Institutional managers are increasingly facing efforts by their clients to reduce the costs of equity transaction execution as part of their aim of reducing administrative costs. Efficient direct access to many marketplaces simultaneously is becoming increasingly important and this is precisely what NeoNet's offering provides."
See attached interim report.
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The full report is available for download:
http://www.waymaker.net/bitonline/2003/10/23/20031022BIT01070/wkr0001.doc
http://www.waymaker.net/bitonline/2003/10/23/20031022BIT01070/wkr0002.pdf