Patsystems says customers delaying buying decisions

Patsystems says customers delaying buying decisions

London trading technology vendor Patsystems says major buying decisions by clients "are concluding more slowly than usual" as the credit crisis bites but trading in 2008 has been in line with expectations so far.

"Although major purchasing decisions are concluding more slowly than usual, we remain comfortable with current market expectations for the year," says non-executive chairman Stewart Millman in a trading update ahead of today's annual general meeting.

Millman says the company has a strong pipeline of new business and has already inked contracts from Royal Bank of Canada Capital Markets to Risk Informer and Chicago-based Advantage Futures so far in 2008.

In February AIM-listed Patsystems posted pre-tax profit for the full year ending 31 December 2007 of £2.19 million, compared to £1.63 million in 2006 and £0.36 million in 2005. Full year revenue rose 11% to £17 million, from £15.3 million in 2006.

At the time Millman, said the pleasing set of results had been achieved while contending with an "unforeseen level of trauma in some sectors of the global financial markets" and adverse exchange-rate movements.

Patsystems has also been at the centre of speculation over a possible takeover bid by Dublin-based rival Ion Trading, which increased its stake in the business from 26% to 27% in February.

In today's update Millman also confirmed he is stepping down after the AGM and will be replaced by Richard Last.

View Patsystems share price data.

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