City Networks reports fifth consecutive year of growth

City Networks reports fifth consecutive year of growth

UK-based City Networks, a privately-owned provider of technology to the treasury, securities and derivatives markets, is reporting revenue of over $23.5m for the fiscal year ending June 2004, compared to $21.8m in 2003, and operating profit of $4.4m, up slightly from $4m last year.

City Networks, which is in its 19th year of trading, says 2004 is its fifth consecutive year of growth.

The year included contract wins and implementations at Mizuho, ING Bank Slaski, BNP Paribas, ABSA, Investec, HSBC and Lloyds TSB. The vendor also secured a contract with Commercial Bank of Dubai through its Middle East partner Euro Banking Solutions.

The vendor also opened an office in Johannesburg during 2004, which is its seventh international office.

Looking ahead, City Networks says it will continue to place an increased focus on expansion in 2005. The firm will also work on strengthening its product base, as highlighted by the launch of its monitoring and alert notification system, CityNet Inform.

Costa Christodoulou, CEO, City Networks, says: "For financial growth to be sustainable for the long term, it has to be twinned with the delivery of tangible results to customers. Our strong financial standing makes us an ideal business partner and gives us the impetus for continued expansion in 2005."

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