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E-Cash profits rise

The profits of e-cash company FireOne have shown a huge improvement in the first half of this year, up 98 per cent over the same period last year.

Net profits of $16 million were achieved from first half revenues of $37.7 million, an increase of 83 per cent on the first half of 2005.

FireOne's payment volumes were also up, though by not quite as much: an overall 27 per cent increase between the second quarters of 2005 and 2006, with the FirePay product showing a 48 per cent increase in payment volume over the same period.

Ben Dalfen, CEO of FireOne, said that the company "are very pleased with the continued improvement of our operating margin".

"For the remainder of the financial year, we intend to continue to execute our strategy of expanding FirePay into new geographies, supporting our merchant base with the innovative features they require and strengthening the FirePay customer service offering in all areas," he added.

Total first half revenues were also strong, registering at $50 million &ndash 54 per cent higher than in the first half of 2005.

Since its beginnings almost ten years ago, FireOne has processed payments worth in excess of $3 billion.