Financial Objects back in the black

Financial Objects back in the black

UK-based core banking vendor Financial Objects says it expects to report profit before tax and exceptional items of £0.3 million for the year ending 31 December 2004, confirming the group's return to profitability at the operating level.

In a preliminary results statement, the vendor says it has also managed to sublet its Alton House property, resulting in a significant cash flow benefit over the next two years and a total anticipated exceptional property charge of £238,000.

As a result, total exceptional costs for the year are expected to hit £362,000, including £124,000 of redundancy costs announced in January 2005.

By mid-afternoon, shares in Financial Objects were trading up 3.5 pence or 6.7% at 55.5 pence.

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