UK derivatives trading software vendor Patsystems recorded revenues of £2.6m for Q3 2003, up from £2m for the same time last year, while operational costs were down from £3.4m in 2002 to £2.6m in 2003, bringing the firm to operational break even for the first time.
In its trading update for Q3 ended 30th September 2003, Patsystems says revenue from its suite of trading systems grew to £2.4m for the quarter, up from £1.8m in 2002, although revenues from its exchange systems remained the same at £0.2m.
The vendor raised £2m before expenses through placing 14m new shares with a range of institutional investors at the beginning of October. The firm now has approximately £5m in cash at the bank and says it is well placed to exploit growth opportunities as it moves into operational profitability.
In addition, Patsystems says it is developing partnerships with foreign exchange (FX) market makers, which will allow FX trading via its flagship J-Trader paltform.
Patsystems is also developing a new trading platform, which it says is on time and on budget and will be rolled out in stages throughout 2004.