Profits up for E-Cash

2006-08-14 14:25:00

FireOne Group, which owns the FirePay online money transfer system, has announced a 98 per cent jump in its first half net profits.

The improvement comes on the back of strong year-on-year revenue increases, up 42 per cent for the second quarter to $24.8 million, and up 54 per cent to $50 million over the first half.

Payment volume also improved, up 27 per cent to the second quarter of this year, with FirePay volumes up 48 per cent over the same period.

Ben Dalfen, CEO of FireOne, said in a statement that the company "are very pleased with the continued improvement of our operating margin".

"For the remainder of the financial year, we intend to continue to execute our strategy of expanding FirePay into new geographies, supporting our merchant base with the innovative features they require and strengthening the FirePay customer service offering in all areas," he added.

Following the results a maiden interim dividend of $0.232 per share has been approved by the board.

Though specialising in online gaming, the FirePay product &ndash much like its competitor PayPal &ndash is available for other purchases.