Wealth Management Software, a UK-based supplier of technology to the life and pensions market, is reporting a miniscule pre-tax profit of £5000 for the year ending 31 December 2003, up from a loss of £1 million in 2002, as revenues for the year dropped by a third to £7.3 million.
The vendor has attributed its depressed turnover to a planned withdrawal from loss-making and non-core activities. Operating losses narrowed from £1 million in 2002 to £0.4 million as the company cut overheads by 34%.
The company's flagship Lisa software package has been enhanced to support forthcoming changes in UK pensions legislation, and the firm believes it is well-positioned to capitalise on new opportunities, both in the UK and abroad.
Paul Newton, chairman comments: "We believe that there will be strong interest for Lisa in the pensions market following confirmation by the government of changes in pensions legislation....We expect to attract further interest in Germany from our new European Private Client Management system and early indications are good for further prospects for our Lisa product in South Africa."
He says the company this month has signed new orders for Lisa worth in excess of £0.5m.
By mid-day, the vendor's stock was down one pence at 17 pence per share.