Financial Objects is reporting an 18% reduction in turnover and loss before tax of £0.89 million for the year ending December 2000, against a £4.7 million profit in the same period a year earlier.
A disappointing year for the group was rescued by a strong second-half performance from the ActiveBank division, which reported a 33% rise in revenues over the year, and was responsible for 40% of group revenues. ActiveBank's strong showing was in stark contrast to the company's traditional Ibis S2 wholesale banking division, which experienced a "major downturn" in revenues from license fees.
Roger Foster, Financial Objects chairman, comments: "The year 2000 was a disappointing one for the group as banks' spending on IT slowed following the millennium. However, the second half of the year began to see an improvement in activity."