Raft forecasts higher first half revenues

Raft forecasts higher first half revenues

UK risk management vendor Raft International is forecasting "significantly higher" revenues for the first half of 2005, but costs are set to rise as the firm rebuilds its operational risk product, raft radar.

Raft reported full year 2004 turnover of £7.3 million, down from £8.6 million in 2003, although improving conditions in the second half saw revenues return to a comparable level at £4.1 million (H1 2003: £4.4 million).

The vendor says it is starting to see the benefits of increased investment in sales and marketing made late last year and it expects H1 2005 revenues to be up on a year ago and also higher than the second half of 2004.

But development of its raft radar product, which is being rebuilt to provide greater flexibility and easier configuration, has already increased costs in the first half of this year.

David Priestley, executive chairman ar Raft, says: "Although the cost base of the company has grown to meet these investments, they are essential to underpin the company's growth, and we are confident of moving towards profitability for the full financial year."

Comments: (0)