Rhyme Systems today announces it has reached its first year end with total revenues of £19 million - slightly ahead of its management buyout plan - and with an order intake of £10.1 million in the period since the buyout in November 2003.
"This is a very encouraging outcome for the year and our backers - are pleased with our progress. The cash position is also good, which means weare able to pay back some of our bank debt early. Our profit result was inline with the business plan. It's a tribute to our staff, who have been through a period of enormous change and delivered these wonderful results,"says Chris Potts, CEO of Rhyme Systems.
Rhyme Systems specialises in help in I vestment firms unlock the hiddenvalue of the back-office with clients including Lloyds TSB, Barclays, Jupiter, Morgan Stanley, Newtons, Brewin Dolphin and LCH.Clearnet Group. Rhyme was created in November 2003 as a result of a management buyout from Misys PLC, funded by private equity specialist Primary Capital. The first five months of the year to the end of May 2004 (Rhyme's financial year) were as part of Misys PLC.
Chris Potts explains: "There have been some important business wins in the closing months of the year. Several key clients, including Rathbone, Coutts, Framlington, M&G, HBoS, Instinet and Investec have extended their investment in our products and services. We have seen significant business wins for allour major product lines, including several commitments to the new generationof Quasar - Quasar 6 - and sales for our other key products, Fiscal and Arrow. Having invested in significant re-engineering of these products, it is very gratifying to receive such strong support from our clients and witness such an upsurge of interest from the wider market."
Rhyme reaches its year-end with a healthy order book and several newbusiness opportunities, including license and service renewals, in process. Rhyme sees signs of a stronger market, with more activity and interest insystems investment.
"We also appointed David Howard as our non-executive chairman at the RhymeBoard last month. This is an important step - completing the Board andbringing us valuable experience and insight into how best to develop andmanage Rhyme as an independent nce and insight into how best to develop andmanage Rhyme as an independent company. Our focus for the next 12 months isfirmly on the back-office operations end of the UK asset management market," Potts concludes.