"During 2004, CR2's sales organisation has been strengthened considerably and we have seen sales revenues grow strongly and the company continues to trade profitably. With a doubling of the pipeline in the last six months we are forecasting even stronger performance for the year ahead," comments Kieran Kilcullen, CR2's Sales and Marketing Director.
CR2 highlights:
* Sales increase by 23%
* Six new customer bank-names added to client-base
* Several existing ATM customers adopt CR2's BankWorld ATM platform
* Several BankWorld Internet and Channel Management deals signed
* New Executive Board and strengthened sales team globally
Ongoing market penetration delivers sales growth of 23%
Over the past year CR2 continued to strengthen its market position globally and has seen its 2004 sales increase by 23%. Six new customer bank-names were added to CR2's 114 extensive customer-base and a growing number of its ATM customers have now selected to implement CR2's BankWorld Internet and Channel Management and next generation BankWorld ATM technologies.
Several of CR2's global clients, such as Barclays and Standard Chartered Bank (SCB) have also begun to deploy CR2's next generation BankWorld ATM Controller product. Throughout India, SCB, a client of CR2 for over 10 years will transfer to its new technology and will provide enhanced ATM and international Visa debit card services to over 700,000 customers. Barclays, which has been using CR2's Sparrow ATM technology since 1989, has decided to implement BankWorld ATM initially in Gibraltar.
Customers continue to adopt CR2's Channel technologies
CR2 has observed a strong interest in the demand for its Internet and Channel Management products in addition to its mobile, ATM and POS and switch technologies. This has resulted in several new projects.
In Libya, for example, through its customer Bank of Commerce and Development (BOCD), CR2 will be the first ATM-application vendor to provide this touch-point facility. BOCD has also selected BankWorld Internet and Channel Management applications as it seeks to expand its channel offering within Libya. Once fully implemented this will be another 'first' for CR2 as this will be the first bank to offer Internet banking services in Libya.
Following on from this initial success in Libya, CR2 has agreed a major contract with the Central Bank of Libya, for its national switch project which will see the country with its inaugural switch network infrastructure.
Mr Kieran Kilcullen, CR2's Sales and Marketing Director says: "The Internet market is maturing and banks globally are embracing Channel Management strategy. We have noted an increased demand for the purchase of CR2's BankWorld platform and its channel applications, which has brought the company a number of new contract signings during 2004.
Restructure programme enables operational improvements
In April 2004, CR2 announced significant operational changes, which was to centralise all software development of its channel banking product, BankWorld, to a single location to further improve the efficiency of CR2 in addition to enhancing the quality and production of CR2's software development activities. This restructuring has now been completed and there is clear evidence that it has been a major success under the stewardship of Keith Holmes, CR2's Director for Product Development who was appointed in February 2004.
"Between the months of April and September 04, CR2's Development Division was reorganised. This restructure is now complete, and the development of CR2's BankWorld applications is being carried out at our headquarters here in Dublin," said Keith Holmes. "A recruitment drive over these months has facilitated a fresh but industry experienced team to be put in place, which has enabled strong and immediate communications between our developers. This new team is already delivering tangible dividends for CR2's product portfolio."
CR2's sales organisation has been strengthened with senior sales appointments in Dubai, Dublin, and South Africa. Its channel sales network has also been expanded into the geographical territories of Latin America, India & SAARC through the appointment of partners Grupo Pisa, and Tata Consultancy Services.
"Based on the changes in 2004 and the successful performance of CR2 in the past twelve months I am confidently expecting similar positive results over the next year and several major new contract signings in 2005." concludes Martin Dolan, CR2's Chief Executive.
