Wealth Management Software of the UK is reporting an operating profit of £0.5 million after reducing operating costs by a third for the year-ending December 2002.
Turnover for the year was down eight per cent to £11 million (2001: £12m) reflecting withdrawal from low-margin and non-core business areas. Loss before tax (including restructuring costs and £0.85 million of goodwill impairment following the closure of WMS' financial IT contracting business) was £1.06 million, compared to a loss of £6.35 million in 2001.
Within the financial services sector a number of key customer sites went live during the year, including Nedcor Investment Bank, Gerrards Private Bank, and Homeowners Friendly Society.
In addition, Cofunds, a funds supermarket, went live with Lisa in January and a project at Teather and Greenwood was completed. Implementations at Goy Harris Cartwright and Credit Suisse subsidiary PPML are scheduled to go live later this year.
The company has also completed development to extend the capability of the Lisa product in pensions and offshore investment.
Paul Newton, chairman says prospects for 2003 are "much more encouraging", as the company focusses on core business areas in finance, health and property markets.
He says the new Lisa Fund Manager product has promising opportunities in the German market, while new product developments for the pensions market are attracting more interest in Europe.