Raft issues warning as budget controls hamper sales
24 February 2004 | 2653 views | 0
UK banking software house Raft International has warned that its first half results will be hit by weaknesses in the dollar and lengthy delays in closing new business.
At Raft's AGM yesterday, chairman David Priestley commented: "The group continues to experience purchasing delays and lengthy sales cycles. This is primarily due to clients adopting stringent budget controls as well as detailed verification and authorisation processes."
He says the firm has completed the transfer of all development staff to India which should bring further cost savings in the second half.
The firm is also close to concluding a number of "major contracts" for its energy credit risk and operational risk software, says Priestley.
He adds: "The impact of winning these transactions together with the cost savings already made would have a significant impact on the second half results."