Patsystems achieves "trading profitability"
27 January 2004 | 3291 views | 0
AIM-listed electronic trading technology outfit Patsystems says that it achieved "maiden trading profitbality" for the year ending December 2003, as turnover increased by 37% to £10.7 million.
Patsystems says it reduced group operating losses for the year from £9.5 million to £2.5 million, on the back of a 29% increase in system users and a 37% increase in the number of lots traded using its direct access futures and options trading technology.
The operating loss included £2.4 million P&L costs for the development of a new trading platform, dubbed Patsystems 2: Enterprise Edition. Described by chief executive Kevin Ashby as the company's "biggest challenge - and greatest opportunity", the software deliverables, which comprise the first and largest phase of the development, have been completed and integrated according to plan. They are now undergoing internal testing, with customer testing to follow.
Ashby says design and development of the functionality for phases two and three are well underway, and the firm is on schedule for phased delivery between now and mid-year.
Looking ahead, he says: "Our strong product set, the recurrent nature of most of our revenue, and our investment in new products and services, leave us well positioned for 2004 and beyond."