On Air Night Flight | Midnight - 5:00am

NETeller confident for 2008

NETeller, the Manx based global online payments business, says the group’s operating businesses traded in line with management’s expectations in the fourth quarter of 2007, and the board is confident full year results will meet market expectations.

The company says it will make the final payment of US$38.25 million on January 16 to the United States authorities in respect of its obligations under the deferred prosecution agreement. This amount reflects recent discussions with US authorities confirming that US$ 57.7 million of the group’s funds were seized, as opposed to the US$60 million previously thought and announced. The total amount to be paid to the US authorities in connection with this matter remains the same as previously announced (US$136 million).

As part of the arrangements with the United States Attorney's Office, the group implemented the Distribution Plan to return approximately US$94 million of funds owed to US customers. The group has to date repaid approximately US$81 million of this amount.

During the coming year, the group says it will deliver a significant number of initiatives in support of its strategic goal of providing innovative payment solutions for online communities, including a revitalised consumer brand, a stronger consumer offer and an enhanced merchant value proposition.

President & CEO Ron Martin says: 'Considering the significant challenges that our company has faced during the past year, I am pleased with the performance of the business in 2007 and I am excited about the prospects for 2008.'

More from Isle of Man Business