Mobile financial services provider Vipera (LON:VIP) saw shares fall over 3 percent on Monday, despite updating the markets on a significant increase in group revenue.
A strong performance in the second half of the financial year pushed group revenues up 16 percent to 7.9 million euros, from 6.8 million in the same period last year. The company attributed the increase to higher product related revenues and consulting, which both a 17 percent increase on the prior year, driven particularly by increased business from core customers.
Operating losses remained in line with previous expectations net cash came in slightly below expectations at 1.5 million euros.
In a statement, Vipera said: “In 2017 growth is expected to be driven by a continued deepening of client relationships, together with the benefits from new customer wins. The Board continues to look forward to 2017 and beyond with great confidence, as the group continues to refine its customer proposition within the evolving and growing mobile financial services market.”
Shares in Vipera are currently trading down 3.16 percent at 4.60 (0921GMT).