CR2 reports strong financial results for FY 2010 with a threefold increase in EBITDA

CR2 Limited, the global leader in integrated self-service banking software, has reported strong results for the fiscal year 2010 and expects further growth for the fiscal year 2011.

Strong growth in revenue and EBITDA in 2010
CR2 Limited reported an increase in revenue of over 10% to €16.14 Million for 2010 with EBITDA growing threefold to €2.82 million. Despite the difficult economic climate, CR2 continue to succeed in increasing overall revenues considerably driven by a strong increase in order intake.

“We are continuing to win significant new clients across several developing markets as there is an increasing awareness of the importance of personalised self-service banking which allows banks to cross-sell much more effectively as more and more transactions migrate to the Internet, ATM and Mobile channels”. “In the past year, order intake has increased by over 20%, helped by the launch of new, innovative self-service products that enable banks to greatly reduce their costs to serve the customer as well as develop new revenue through cross-sales.” said Kieran Kilcullen, Director of Sales and Marketing, CR2

CR2’s recent success can be attributed to the proven results of multi-channel platform, BankWorld, in directly reducing banks costs, improving operational efficiency and increasing profitability in over one hundred banks in more than seventy countries across the world.

CR2 continues to expand and invest in self-service banking innovation

Martin Dolan, CEO, CR2 comments “I am very pleased with the continued progress we have made at CR2. The company’s recent strong growth is a testament to the quality of the BankWorld self-service solution and the success of our focused strategy. The large investment made in R&D over the years has redefined self-service banking, making it much more practical and cost effective to migrate many more transactions from the branch and also to cross sell on self-service devices."

"As Banks deal with the post crisis reality of ROE dropping from as much as 25% pre-crisis to 5% post crisis, strategic cost reduction is a key board agenda item, with some banks targeting up 30% reductions in costs. Achieving cost reductions of this magnitude without damaging the business is critical. Self-service is key to such strategies. Self service transactions can cost as little as one fifth the cost of the equivalent branch transaction while making that transaction available 24X7, providing increased customer convenience while achieving significant cost reduction. We see the demand for self-service banking increasing dramatically as these strategic cost reduction programs roll-out."

Martin Dolan, CEO, CR2 continues "We continue to invest in R&D to address this significant global opportunity; 2010 witnessed the launch of a number of innovative self-service products by CR2 such as Electronic Cheques and Wallets, Card-less ATM Access and Person-to-Person (P2P)Mobile Payments. "

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