Financial Objects rises on up-beat trading statement

Financial Objects rises on up-beat trading statement

Shares in AIM-listed Financial Objects have ticked up on news that the banking systems vendor expects its full-year operating profit to be ahead of market expectations.

The stock was up 7.20%, or 4.00 pence, to 59.50 pence in lunchtime trading after the vendor released a short up-beat trading statement saying it expects to report 2006 earnings above expectations for the year ending 31 december 2006.

The vendor also says it saw "strong cash generation" in the second half of the year and it had net cash of £2.7 million at the end of the year.

Financial Objects started the year with the acquisition of risk software firm Raft International in a deal valued at around £4.0 million.

David Priestly - who co-founded Raft in 1995 and was chief executive and chairman of the business at the time of the acquisition - stepped down from Financial Object's board in March after the takeover had completed.

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