London-listed payments processor Neteller said today that it would shift its focus to the European and Asian markets and ride the coattails of the social networking phenomenon, after legal issues forced its well-documented withdrawal from the United States.
In its interim report, the company reported that European revenue grew by 46 percent to $21.2 million, while Asian-Pacific revenue grew by the same percentage to $5.4 million.
"We would expect to see the same level of growth that occurred in H1 occurring in H2 and we see that growth rate continuing out for the foreseeable future," Neteller chief executive Ron Martin told Reuters.
Martin added that he expected full-year numbers to be in line with analysts' expectations, though analysts would probably revise their estimates now that the business has begun to stabilize.
First-half revenue dropped 57 percent as a result of its withdrawal from the U.S. market, which made for a loss of $24.7 million.
In July, the company settled with the U.S. government, entering into a $136 million delayed prosecution agreement. It also initiated the return $94 million to its U.S. customers.
Looking ahead, Martin said that the company has interest in mass-player computer games like World of Warcraft and social networking sites like MySpace and Facebook.
"We clearly see some opportunities," said Martin. "We are in conversation with some of the gaming merchants to provide processing. One a little further out is social networking, the Facebook-type environments of the world."
Since trading resumed in late July, shares in the company are up roughly 30 percent.
Numis analyst Richard Carter said that as the company restores its reputation, visibility and cash flow, he expects shares to continue trending up toward the 12-month target of 102 pence.