Gresham forecasts positive growth as nostro service realises potential

Gresham forecasts positive growth as nostro service realises potential

Shares in Gresham Computing have gained 10 pence, or 3.5%, as the software developer behind the Cable & Wireless Real Time Nostro service (CWRTN) forecasts a narrower full-year loss and positive growth in 2005.

In a trading update for the second half of 2004, the vendor says it earned its first subscription revenues from the CWRTN service during the summer of 2004 with four banks live. Four further banks that committed to provide data to the nostro account repository are expected to be integrated and live on the system shortly, says Gresham.

While revenues will initially be relatively small and take a number of years to build, the vendor reiterated its belief that CWRTN has the potential to deliver the largest returns in the group's history, adding: "Progress in 2004 has moved us considerably closer to realising this potential."

Elsewhere, Gresham says work in Australia is progressing on the delivery of a software system for providing working capital in the bank to corporate market, and that its Casablanca Java Integration Broker has been chosen by HP to support the hardware group's Real Time Financial Services architecture and Single Customer View package.

The group says it expects to report a "significant reduction" in operating losses for 2004, compared with the £2.2 million deficit incurred in 2003.

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