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AIT returns to full-year profitability

AIT returns to full-year profitability

UK CRM vendor AIT is reporting a return to full-year profitability, driven by higher margin license and maintenance revenues.

AIT has turned in an operating profit of £1.3 million before exceptional income of £1 million for the year ending 31 March 2004. This compares with an operating loss of £15.3 million and exceptional charges of £23 million in 2003.

Pre-tax, the vendor reports profit of £2 million after exceptional items, as against a pre-tax loss of £39.3 million for full year 2003.

Turnover increased by 11.7% to £19.6 million, with license and maintenance revenues increasing 31% to £11 million, representing 56% of all turnover.

New customer wins - with US healthcare organisation Humana and a "top ten UK building society" - brings the total number of Portrait customers to six and the total customer base to over 150 organisations in 23 countries worldwide.

Richard Hicks, who took over as executive chairman of the firm he founded after the vendor stunned the market in early 2002 with a surprise announcement of trading shortfalls and liquidity problems, has moved back to a non-executive position. Geoff Probert is also relinquishing his operational role but will remain on the board as a non-executive, with particular responsibility for guiding the company in the IT technology area.

Matthew White, who has been with AIT since August 2002 overseeing the group's return to financial stability, is joining the main board as chief financial officer.

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