SimCorp on track for 2002 financial forecasts

SimCorp on track for 2002 financial forecasts

Danish portfolio and treasury software vendor, SimCorp, has reported consolidated revenues of DKK99 million - approximately $12 million - for the first quarter of 2002. Although down 15 per cent from Q1 2001, this performance is in line with the company's forecasts.

SimCorp generated a loss from primary activities of DKK23.5 million in Q1 2002 - including non-recurring costs of just over DKK6 million - against a profit of DKK11.9 million in the same period of 2001.

On a positive note, the group believes that conditions in the investment management market for its TMS2000 product have improved noticeably and has therefore has maintained its full-year revenue and profit forecast. In contrast the market among large corporates for the company's treasury management solution, IT/2, is still regarded as 'slow'.

Within the quarter a significant new deal was signed with Dutch portfolio managers, Mn Services. Other licence wins were to add new functionality or additional workstations at existing customer sites.

Due to changes in accounting policies, expected EBIT is increased by DKK5 million. For 2002, the Group expects to generate total revenues in the range of DKK550 million to DKK600 million and a profit from primary activities (EBIT) in the range of DKK55 million to DKK80 million.

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