Interim report, 1 Jan. – 31 March 2018

The numbers and key figures refer to the remaining operations

January - March 2018

  • Net sales for the period SEK 28.5 million (31.9)
  • Operating loss for the period SEK -9.5 million (-10.5)
  • Loss after tax for the period SEK -8.3 million (-11.5)
  • Earnings per share SEK -0.10 (-0.20)
  • Cash flow before changes in working capital for the period SEK -6.3 million (-5) 
Overview
Jan-March Jan-March Full-Year
SEK thousand 2018 2017 2017
Net sales 28 456 31 942 127 157
Operating result -9 528 -10 490 -72 231
Operating margin neg neg neg
Loss for the period -8 325 -11 541 -118 316
Balance sheet total 135 397 249 176 163 189
Earnings per share, basic and diluted* -0,10 -0,20 -2,01
Equity ratio 75% 44% 67%
Capitalized development costs 3 266 1 761 4 593
Depreciation/Write down -3 312 -634 -14 037

CEO´s COMMENT

Q1 2018 was marked by intense internal and external efforts. With the challenges of 2017 behind us, we’ve been able to give increased focus to our clients, and on stabilizing our financial position. We are very grateful that our new strategic investor, AJ Group, is coming on board. Aside from a wealth of experience in adjacent markets and new geographies, we will be able to focus on executing the business plan for MeaWallet and eProducts.

Significant events during the quarter

  •  As a result of the completion of the divestment of SEQR, on January 10, the new operational management was announced, which will be responsible for implementing Invuo's B2B strategy. The new management, under John Longhurst, CEO, consists of Martin Schedin and Lars Sandtorv (Head of MeaWallet), and Jonas Lundgren (Head of eProducts).

  •  MeaWallet has signed an agreement with a major bank in the Nordic region for delivery of MeaWallet’s technology for converged wallet, i.e. mobile contactless payments to that specific Nordic country. The contract value is approximately E700,000.

  •  An agreement with AJ Group brings financial flexibility to Invuo and entails that AJ Group will invest approximately SEK 52million in shares and by acquiring SDS loans.

  •  MeaWallet, part of Invuo Technologies AB, has signed an agreement with a nonbanking financial institution in the Nordic region for delivery of MeaWallet’s technology for Mea Token Platform and Mea Masterpass, i.e. mobile contactless payments and online payments.

Significant events after the end of the reporting period

  •  Invuo confirms new timing of AJ Group transaction, and receipt of nonrefundable deposit.

This is the type of information that Invuo Technologies AB (publ) is required to disclose pursuant to the Securities Market Act and/or the Financial Instruments Trading Act. The information was submitted for publication on April 25, 2018 at 08:50 a.m. (CET).

CONTACT DETAILS
For further information, please contact:
Martin Schedin, CFO/IR
martin.schedin@invuo.com +46 8 564 878 00

About Invuo

Invuo has two main business areas: Mobile payment solutions provided under the trademarks of MeaWallet™ and distribution of eProducts. www.Invuo.com

Invuo’s interim report for the period January – March 2018 has been approved for publication by the Board of Directors, by its decision on April 24, 2018. This financial report has not been subjected to a review by the Company’s auditors.                     

Tags:

About Us

Founded in 2001 (and previously named Seamless Distribution), Invuo Technologies is a mobile payments technology company, which provides innovative B2B mobile payment services and electronic top-up systems for the financial industry, mobile operators and retailers. Our goal is to maximise value for shareholders while making positive contributions to the technology sphere.