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Enterprise content management software provider Geong International Ltd has gained eight new contracts worth a total of £1.17m.
In the three months to December 2008, the Chinese company’s cash balance has improved from £470,000 to £1.49m. Cash generation has been a worry but this latest news is positive and the cash balance is almost back to the level it was at the end of March 2008.
This prompted a 3.5p share price rise to 32.5p a share, which values Geong at £10.3m.
In December, Geong launched PortalAge Software as a Service. This should help Geong to sell its software.
Geong is expected to make profits of £2.4m in the year to March 2009. That puts the shares on five times forecast 2008-09 earnings.
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