Patsystems doubles first half profits

Patsystems doubles first half profits

London trading technology vendor Patsystems is reporting a doubling of pre-tax profit for the first half of the year and says it expects momentum to continue into the second half due to a "healthy pipeline of new business".

Patsystems says pre-tax profit increased 57% to £639k for the first half ending 30 June 2007, compared to £408k in H1 2006, while turnover jumped 10% to £7.8m, despite the weakness in the US dollar and Japanese yen against sterling.

Net cash inflow from operating activities for the period was £767k, an improvement of £993k on a net outflow of £226k in the first half of 2006. Cash balance at 30 June 2007 of £2.9m

Patsystems says progress to date in each of its business areas has been positive, despite some delays in contract signings.

The vendor says a further three customers have signed contracts to adopt new installations of its trading systems in the first half, and Citigroup has gone live with its software after signing a contract in 2006. These new installations will all contribute towards its second half performance.

The business will fulfill targets for 2007 and opportunities for ongoing business growth for 2008 and beyond remain very positive, says Patsystems.

"With a healthy pipeline of new business, we are confident that the outlook for the rest of 2007 and beyond remains very positive," adds company chairman Stewart Millman.

Shares in the vendor ticked up a penny to 30 pence from yesterday's close of 29 pence.

Read the full results statement here:

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