12 December 2017
visit www.solutions.lexisnexis.com

Derivatives software house Patsystems reports losses

16 November 2000  |  2165 views  |  0 Derivatives software house Patsystems reports losses

Derivatives software house Patsystem is reporting a five-fold increase in losses over the past nine months, from one million pounds last year to £5 million this year, against increased spending on marketing and product development. Revenue almost quadrupled to £1.7 million for the nine-month period, from £427,000 a year earlier.

Patsystems reports five new clients in the third quarter, in line with previous growth rates. "More importantly many of our clients are now starting to sign their own corporate clients, laying the foundations for accelerated end user growth," the company reports.

While billable end users grew 45% in the quarter, from 488 to 709, transactions volumes declined by 5%, a factor attributed to the seasonally slow months of July and August.

Patsystems claims cash reserves of £40 million, giving the company a three-year burn rate at current spending levels. This compares favourably to rival EasyScreen, which also reported losses yesterday, and is seeking further investment to bolster its current cash reserves of £5.6 million.

Both companies are aiming to exploit the move to screen-based trading at the world's largest futures and options exchanges, and are also developing products for retail investors. Patsystems this month introduced a Java-based Internet product for trading new retail oriented contracts such as single stock derivatives.

Patsystems and EasyScreen are both on the radar screens of potential rival, UK-based FfastFill, which made its debut on London's Alternative Investment Market on Tuesday at 120p. The stock closed 18% down yesterday at 102.5p.

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

EasyScreen losses double

EasyScreen losses double

15 November 2000  |  2269 views  |  0 comments
CME wins IRS approval and sets date for demutualisation

CME wins IRS approval and sets date for demutualisation

09 November 2000  |  2125 views  |  0 comments
EasyScreen profit warning sends shares sliding - Bloomberg

EasyScreen profit warning sends shares sliding - Bloomberg

01 November 2000  |  2689 views  |  0 comments
Cap Gemini offered equity stake in Liffe IT

Cap Gemini offered equity stake in Liffe IT

27 October 2000  |  2299 views  |  0 comments

Related company news


Related blogs

Create a blog about this story (membership required)
visit www.aciworldwide.comvisit www.solutions.lexisnexis.comvisit www.atos.net

Who is commenting?

Top topics

Most viewed Most shared
Saxo Bank's 'Outrageous Prediction': Bitcoin to peak at $60k next year before spectacular crashSaxo Bank's 'Outrageous Prediction': Bitco...
11781 views comments | 7 tweets | 7 linkedin
Deutsche Bank paper hails 'huge' blockchain potentialDeutsche Bank paper hails 'huge' blockchai...
8682 views comments | 15 tweets | 21 linkedin
Santander UK poaches Barclays innovation chief Michael HarteSantander UK poaches Barclays innovation c...
7071 views comments | 8 tweets | 17 linkedin
Alior Bank to use Open API platform and accelerator to create fintech marketplaceAlior Bank to use Open API platform and ac...
6813 views comments | 20 tweets | 11 linkedin
PSD2: Laying the regulatory foundation for a new age in paymentsPSD2: Laying the regulatory foundation for...
6724 views comments | 17 tweets | 35 linkedin

Featured job

New York, NY - USA (some flexibility on location)

Find your next job