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At the Company's AGM held at 10:00 am on 23 June 2004, at the Halesowen Head Office, Paul Newton, Chairman said: "Although our half year is not yet quite complete, we are satisfied with progress made so far this year. Group net cash balances, as at 22 June 2004 stood at £1.1m".
"We have now completed the acquisition of Fairs Ltd, which was announced on 11 May 2004. Fairs is integrating well into the Group with promising signs for synergistic benefits. In May, for the period from the acquisition on 11 May to the 31 May, Fairs has produced a turnover of £76,000 and an operating profit in excess of £25,000".
"The Company announced three new contracts for LISA® systems in the first half with an initial order value of £508,000 inclusive of first year maintenance. They were with The Standard Bank of South Africa, Thomas Miller Investments and Centro, The West Midlands Passenger Transport Executive. The software is currently being implemented and is expected to go live this year".
"We are pleased to announce a further contract for our LISA® software with Keydata Investment Services with a licence value of £300,000. The contract is for the LISA® investment software, which will be installed at Keydata's offices in Reading."