20 September 2017
visit www.avoka.com

Slow sales and lost contracts dent patsystems

06 December 2001  |  1454 views  |  0 Slow sales and lost contracts dent patsystems

Operating losses and expenses continue to rise at Patsystems, the UK-based supplier of screen-based derivatives trading technology, which is reporting its first set of interim results under new CEO, David Jones.

The loss before tax for the third quarter at £3.2m is 12% higher than third quarter last year and 11% higher than second quarter loss before tax of £2.9m. Operating expenses have risen 3% in the quarter.

The third quarter has been a period of significant change for the group, with a shake-up in senior management leading to a strategic review of the group's core business, culminating in a 26% reduction in headcount in October.

The third quarter saw continued poor sales performance with only one new contract win. Two previously signed clients, who had yet to deploy patsystems' software, eased out of their contracts and a third became an end user of another patsystems client during the quarter.

Commenting on the results, Richard Sandor, non-executive chairman, says: "Under David Jones’ leadership, management has made, in a relatively short time, significant progress in refocusing and restructuring the group’s operations with a view to improving shareholder value, much of which has been lost in the last twelve months."

The benefits of the restructuring programme will not be felt until next year, he says.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Brief: FFastFill names Jim Oliff to head up US operations

Brief: FFastFill names Jim Oliff to head up US operations

29 November 2001  |  1406 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
download the paper nowvisit www.sibos.comvisit www.vasco.com

Top topics

Most viewed Most shared
JPMorgan Chase chief says he would fire traders dealing in bitcoin for stupidityJPMorgan Chase chief says he would fire tr...
10553 views comments | 16 tweets | 29 linkedin
Equifax hack: Visa and Mastercard flag 200k compromised credit cardsEquifax hack: Visa and Mastercard flag 200...
10143 views comments | 6 tweets | 17 linkedin
HSBC switches on selfie payments in ChinaHSBC switches on selfie payments in China
9697 views comments | 21 tweets | 39 linkedin
Dutch bank sentences teenage DDoS culprit to community serviceDutch bank sentences teenage DDoS culprit...
9039 views comments | 6 tweets | 3 linkedin
UAE banks pool cyber security dataUAE banks pool cyber security data
7495 views comments | 5 tweets | 4 linkedin

Featured job

Find your next job