Financial Objects swings back to the black

Financial Objects swings back to the black

UK fintech vendor Financial Objects is reporting full year pre-tax profit for 2006 of £1.4m, compared to a loss of £0.2m in 2005, as group revenues climbed 43% for the year.

Full year group revenues increased to £19.9m from £13.9m in 2005.

The vendor says the revenue increase was driven by its acquisition of risk software firm Raft International, coupled with organic growth across all divisions. Within the £19.9m of sales, 42% (£8.3m) was recurring support revenue.

The company says its cash generation in the year was strong. It ended the period with net funds of £2.8m.

Looking ahead, Roger Foster, chairman, Financial Objects, says the outlook for 2007 is encouraging. The vendor's order backlog at 31 December 2006 was £13.1m, compared to £10.4m at 31 December 2005, an increase of 26%.

"This, along with a strong pipeline of sales and the investment we have made in 2006 in sales and marketing, gives us confidence that the momentum of growth can be continued," says Foster.

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