22 October 2017
Find out more

Recurring revenues push London Bridge back into black

12 February 2004  |  2618 views  |  0 Recurring revenues push London Bridge back into black

Credit and debt management software house London Bridge has edged back into the black for the year ending 31 December 2003, despite reporting a six per cent fall in annual revenues to £58.2 million.

Operating profit at London Bridge nudged above break-even to £329,000 against losses of £48.3 million in 2002, including £35.9m in goodwill impairment. Profit before tax and goodwill amortisation increased to £4.1 m (2002: £0.7 m after also excluding exceptional items). Cash generation and year-end cash balances remained relatively stable at £6.8 million and £22.2 million respectively.

The company, which invested 21% of its revenues (£12.3 million) in R&D, was rewarded with growth in recurring revenues from e-services and maintenance to 54% of group revenue.

Says chairman Gordon Crawford: "Our R&D investment has enabled us to launch the Web versions of Debt Manager and RMS; several new BridgeLink services which are already generating additional recurring revenue; as well as important additional functionality and regulatory releases in the rest of our product suite."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

London Bridge reports pick-up in demand

London Bridge reports pick-up in demand

16 January 2004  |  2818 views  |  0 comments

Related company news


Related blogs

Create a blog about this story (membership required)
visit www.vasco.comvisit www.atos.net

Top topics

Most viewed Most shared
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
10726 views comments | 22 tweets | 26 linkedin
Mastercard to roll out blockchain APIMastercard to roll out blockchain API
10426 views comments | 17 tweets | 24 linkedin
satelliteGates Foundation backs Ripple collaboratio...
9128 views comments | 13 tweets | 10 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
8184 views comments | 9 tweets | 17 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
8033 views comments | 10 tweets | 22 linkedin

Featured job

circa £250K total package

Find your next job