Westpay: First comment Q3, delays

The sales figures for Q3 was well below our projections; we believe this is an effect of Swedish customers waiting for the new CARBON terminal and the delays abroad. On the positive side, the margins held up better than we thought, the certification in South Africa is finally complete, and the short-term liquidity is secured through a bridge financing. Based on a continued low activity regarding announced orders we believe our projections for Q4 is at the higher-end, and we will most likely have to adjust our growth trajectory. Westpay has a lot going on for them with interesting partnerships, new markets, and products.

However, we believe that the market will adapt to a wait and see mindset and that the new growth endeavors must materialize in actual revenue before a revaluation occurs. We still find the long-term potential as promising, but patience will be required.