UK-based Wealth Management Software says it has sold six licenses for its flagship product Lisa in the first half of this year, representing a marked improvement over dismal sales in fiscal 2001.
WMS' Lisa product and associated services, provides financial institutions with integrated software products for their wealth management activities. In April, the West Midlands-based company reported an operating loss of £4.6 million after winning only £0.7 million in Lisa license sales in the year to December 2001 as financial services firms put off spending decisions and cancelled contracts.
At the annual general meeting of the company held today Paul Newton, chairman, made the following comment on trading: "In the first half of this year, although the market conditions have been challenging the company has sold six Lisa licences. The company is now beginning to see the benefits of our actions taken in the final quarter of last year to reduce the cost base and to make the company more product focused."
The company's cash balance has significantly improved since the year end, he adds.