Portrait Software H1 revenues and losses up; raises £1.3m in share placing

Source: Portrait Software

Portrait Software plc (London: PST), a leading provider of Customer Interaction Optimisation software announces its financial results for the 6 months ended 30 September 2006.

  • Turnover increased by 25% to £6.1 million (2005: £4.8 million), boosted in part by the Quadstone acquisition in December 2005. Adoption of core Portrait product growing, with 26 customers currently live or in implementation, and over 200 active customers worldwide for all Portrait Software products.
  • Announcement, following period end, of seven figure gross licence contract with a major European Bank for new specialised application for Capital Markets and Treasury Organisations developed in collaboration with Impendium Systems.
  • Product derived revenues (licence and maintenance) increased 35% on comparative period to £3.8 million (2005: £2.8 million), representing 62% of total revenues (2005: 58%), and Services revenue increased by 13% to £2.3 million (2005: £2.0 million).
  • Adjusted Pre-tax Loss of £0.3 million (2005: Adjusted Pre-tax Loss of £0.2 million) after excluding total charges of £0.4 million (2005: £0.3 million) for goodwill amortisation, exceptional items and employee share options expense. Unadjusted Pre-tax Loss of £0.7 million (2005: pre-tax loss £0.5 million).
  • Adjusted diluted loss per share of 0.45p (2005: loss per share of 0.29p) excluding goodwill amortisation, exceptional items and employee share options expense. Unadjusted diluted loss per share of 0.84p (2005: loss per share 0.81p).
  • Recent announcement of important new strategic partnership with Getronics who will take Portrait to market as part of their Channel Renewal campaign. Getronics provides software and services to 17 of the world's top 20 financial services institutions, and operates in 25 countries with annual revenues of €2.6 billion.
  • Fiserv CBS gaining traction with additional sales of the Aperio family of customer-facing banking products, powered by Portrait. Portrait announced as Microsoft Global Financial Services partner for the Banking Integration Factory along with current p for the Banking Integrarrent p for the Banking e Banking Integrarrent pBanking e Banking Integrarrent p for the Banking Integration Factory along with current partners Fiserv and Getronics.
  • Strategic investment by funds managed by Advent Venture Partners LLP of £1.368 million through a placing of 9,120,000 ordinary shares. This investment will enable the Company to fund additional new business development initiatives. In addition, Advent Venture Partners LLP is taking up a seat on the Board.
  • Board changes: Neil Pearce, General Partner at Advent Venture Partners LLP, appointed as Non-Executive Director and Robin Martin, formerly Chief Operating Officer, has resigned from the Board.
Nick Randall, Chief Executive of Portrait Software plc, said today: "We believe that the market for Customer Interaction Optimisation software is starting to move forward positively. We have made significant progress in the period developing our routes to market, both through major partners and with the development of new point applications. It continues to be difficult to forecast the exact timing of licence revenue but we remain confident that we are on the right path and on a growth track. The progress with our partner channels, including our recent very significant contract win, has given us the confidence to increase our investments in applications development, sales initiatives and partner enablement."

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