UK derivatives trading software vendor Patsystems is reporting third quarter revenue of £2.9m, 12% higher than the £2.6m reported for the same period last year.
In a trading update for the nine months to 30 September 2004, Patsystems' says its revenues totalled £8.2m, 11% higer than the £7.4m reported for the equivalent period in 2003.
The group reported a 16% rise its total costs in the third quarter (including exceptional items) to £3.7m. Operating costs excluding exceptional items, amortisation and depreciation grew by 15% to £390k. Operating expenses, compared with the first nine months of 2003, increased by £1.3m (13%) to £10.9m. Excluding exceptional items, amortisation and depreciation costs for the nine months increased by £970k (12%) to £8.8m.
Operating cash burn for the period fell to £268k. Cash at bank at the quarter end was £1.55m.
The vendor says it expects fourth quarter revenue to be in the region of £3.7m.
Subject to any market uncertainty as result of ongoing patent disputes in the futures business, the group says revenues for 2005 should build on the recurrent income achieved in the fourth quarter of 2004.
The vendor has also revealed Morgan Stanley as the new tier one customer announced in its previous trading statement.