Summit sales boost profit at AttentiV

Summit sales boost profit at AttentiV

UK Financial software firm AttentiV Systems Group is reporting a 25% increase in turnover for the full year ending 30 September 2004, while pre-tax profit tripled to £3.2m compared to 2003.

The group reported full-year turnover of £32.1m, up from £25.7m last year.

The group, which was formerly known as Lynx Financial Systems, is to pay its first dividend since its flotation on the AIM in March of 66 pence per share - six months ahead of target.

The firm's underlying operating margin increased to 11% from eight per cent last year, while underlying operating profit increased to £3.6 million from £2m a year ago.

Revenue from the vendor's Portfolio product was below expectations at £4.6m (2003 £5.1m), due to increased competition in the consumer and motor finance sector, but revenue for its Summit retail banking product grew to £22 million (2003 £14.1m).

Software licence revenues for the group increased to £4.8m (2003 £3m) with services and third party revenues rising to £15.7m (2003 £10.9m). Support and maintenance and outsourcing revenues were £11.6m (2003 £11.8m).

Looking ahead, growing regulation in the UK financial services sector gives cause for optimism as organisations "abandon in house developed solutions, because of the accelerating cost burden of compliance", Chairman Peter Bertram said in the results statement.

Looking forward, Peter Bertram, chairman, AttentiV says he expects the level of regulation in UK financial services to be an important factor - particularly in the mortgage industry - as firms abandoning in-house developed system because of the accelerating costs of compliance.

AttentiV stock was up 3.62% in mid-day trading to 71.50 pence.

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