Mondas rises on bullish first half

Mondas rises on bullish first half

Shares in London banking and securities software vendor Mondas jumped in morning trading after it reported a first half profit and a new contract with Charles Stanley Securities.

Mondas stock rose 20% to 18.25 pence after the vendor said revenue for the six months ending 30 June 2006 has risen 75% to £2.69m, compared to £1.54m last year, of which £626,000 arose from Blue Curve, which was acquired in January 2006.

Profit after amortisation, acquisition integration costs and taxation came in at £35,000, compared to a loss £605,000 for the previous six months. However, after adjusting for amortisation and acquisition costs, the firm posted a loss of £213,000, compared to a £1.15m loss in the previous half.

AIM-listed Mondas says all its operating divisions are now profitable.

Furthermore, positive trading conditions in financial markets have resulted in increased opportunities, and the vendor says it is seeing an increase of confidence in banking and securities customers. This has increased the size of orders and reduced the sales cycles in some areas.

The vendor is also reporting an order to supply Charles Stanley Securities with its Blue Curve research management software. The contract covers supply of licences, professional services, hosting and support fees.

The project will begin immediately with a phased approach, the first of which is due to go live at the end of this year.

Richard Hickinbotham, head of equities, Charles Stanley Securities, says: "We intend to improve significantly the breadth and depth of the research service we offer our clients. Having a reliable and effective software platform in place will be a major step towards achieving that goal."

Other recent contract wins for the vendor include an order from an unnamed UK-based global investment bank, MDM Bank in Russia, and the signing of a first US customer, Ferris Baker Watts.

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