Gresham rises on upbeat trading update
04 January 2008 | 4064 views | 0
Shares in UK financial software outfit Gresham Computing jumped in morning trading after the vendor said it expects to report "a significantly improved second half to 2007".
Gresham stock rose 16.07%, or nine pence to 64.00 pence after the vendor released a trading update saying its Ebita loss for H2 is expected to be roughly half that incurred in the first six months of the year.
The vendor said in September that it would raise £2.75 million in a share placing after it reported falling revenue and widening pre-tax losses of £1.5 million in the first half of the year, compared to pre-tax losses of £0.4 million for H1 2006.
But in today's statement Gresham says it starts 2008 "with a very substantial level of contracted revenues" in the major areas of its business.
"We also have a strong pipeline of new or incremental revenue in each of our core areas of business. We are aggressively pursuing these opportunities which we believe will have significant impact on our trading performance in 2008 and beyond," says the statement.