Companies: GNG   

Geong International, the fast-growing China-based software and solutions business, has announced the signing of four contracts with second-tier banks across the People’s Republic.

Chief executive Wang Weidong says the contracts, worth £648,000 in total and set to boost annual results to March 2009, represent further recognition of the AIM-quoted group’s status as a ‘core provider’ to China’s quickly expanding banking sector.

The first two contracts, with Huishang Bank and the Bank of China, are for the provision of Geong’s easily customised PortalAge solution, with the other two deals involving the provision of the company’s customer communication platform to the Bank of Beijing and internet banking solutions to the Bank of Dongguan.

This year, Weidong says Geong, which has a further £5 million worth of deals on the books, will continue its expansion with blue-chip clients and partners in China, as well as push its ‘off the shelf’ products to lower-tier customers.

Alongside the exciting contract news, Geong announced strong results for the year to March, showing sales increased by 77 per cent to £7.6 million and a 28 per cent rise in pre-tax profits to £1.14 million. Shares in Geong gathered up 7.5p at 59.5p, valuing the company at £18.8 million.

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GEONG International	AIM	£8.67m	27.50p	-1.50p
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