Wealth Management Software cuts jobs as sales slide

Wealth Management Software cuts jobs as sales slide

UK-based Wealth Management Software has reduced headcount from 200 to 168 following a failure to win any significant licenses in the first three quarters of 2001. The company says the job losses and other cost-cutting measures will enable it to achieve breakeven.

Wealth Management Software says that although market conditions are tough, demand for professional services remains strong and two new Lisa contracts have been sold in the last six weeks for in excess of £300,000 each. One is for a unit trust administration system at Nedcor Investment Bank on the Isle of Man and the other is for the new Lisa property asset management system to BAA.

However, the company is reporting delays on one significant contract and the loss of another due to adverse conditions in the retail financial services market.

In a trading update, Wealth Management Software reports: "This will result in a trading loss in the second half, although the rate of loss will be reduced significantly in the final quarter."

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