AttentiV reports solid first half

AttentiV reports solid first half

AttentiV Systems Group - a provider of software to the UK financial services sector formerly known as Lynx Financial Systems - is reporting a solid set of interims in its first results statement since going public in March.

Turnover for the six month period ending 31 March 2004 was up 10.5% to £14.4m, compared to £13m for the same period last year

Operating profit rose to £1.5m, up from £0.2m last year, increasing the firm's operating margin to 10.7%, up from 1.6% a year ago.

The business generated operating cash flow of £1.6 million compared to £0.2m in the same period of 2003. The group also has £3.7 million net following its flotation on the AIM in March.

Revenue for the vendor's Summit product was up to £10.1m (H1 2003 £6.8m). During the period the system was rolled out to support mortgage processing at Darlington Building Society and is currently being implemented at The Royal Bank of Scotland. In March, Mortgages plc signed a five-year outsourcing contract with AttentiV for mortgage processing services.

However revenues at the group's portfolio division dropped to £1.7m from £2.9m in 2003. The tailored solution division also posted a dip in performance, with revenues down to £2.6 million from £3.3m a year ago.

Across the group as a whole, software licence revenues increased by 21.4% to £1.7m (H1 2003 £1.4m). Services and third party revenues increased to £6.8m (H1 2003 £5.8m) whilst maintenance and outsourcing revenues came in at £5.9m (H1 2003 £5.8m).

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