UK-based Wealth Management Software (WMS) is reporting relatively stable pre-tax profits of £148k for the six months ending 30 June 2004, despite recording a 22% drop in turnover due to the termination of contracts with Personal Pension Management Limited (PPML) last year.
The vendor's share price crashed by a third in October last year after it announced the termination of licence and support contracts with PPML.
WMS' turnover dropped to £3.07m in the six months, down from £3.97m in the year ago period. Operating profit of £130k for the first half was down from £180k a year ago. Total profit before tax was £148K, compared to £208k last year.
WMS announced four new contracts for its pensions software, Lisa during the six months, with another order received in July.
The vendor also acquired Fairs - a supplier of portfolio and commission management applications to IFAs - in May this year.
On outlook, Paul Newton, chairman, WMS, says: "We are continuing to develop our prospect pipelines in our target market areas of the financial, property and healthcare sectors. We are finding good prospects in the UK, mainland Europe and South Africa."