Patsystems beats expectations

Patsystems beats expectations

Shares in screen dealing vendor Patsystems rose by more than ten per cent after the UK-based company beat market expectations with a 15% rise in revenue and 23% increase in pretax profit for the full year 2008.

Adjusted pre-tax profit for the full year ended 31 December 2008 increased to £3.7 million compared to £3.0 million in 2007. Revenue increased by 15% to £19.6 million (2007: £17.0 million), with 87% recurring.

Chairman Richard Last says the company enters 2009 with a strong sales pipeline and a number of major business opportunities that are expected to be signed during the first half of 2009r.

"With the high visibility that results from our recurring revenue base, combined with a strong well qualified sales pipeline, we remain positive that despite the general economic outlook we expect the business to continue to grow in 2009," he says.

By mid-morning the share price had lifted by 10.7% to 15.66 pence.

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