Commenting on the Company's results Terence Bourne, Chairman, said: "This has been an interesting year in the development of Total Systems. I am delighted to state that we gained the rights to market the Invu document management system in the general insurance sector and also to represent PriceBuilder from Contemi in the UK. These products have fulfilled their promise in gaining attention from insurers but their effect on the year's revenue has not been significant.

At the beginning of the period Shell moved their pension fund management back to Holland and Bluesure, the multi-product policy insurer, ceased operations for reasons outside of our control. These two events resulted in a material loss of revenue. Despite this our other customers have continued to develop and enhance their applications, add new services and maintain their service level agreements. Additionally we gained a commitment from Capita for Ultima in respect of their plans for a general insurance platform but this did not have a major impact on the year being reported on. This relationship should provide an excellent base to grow our revenues in the future."

Financial Highlights

• Revenue - £ 3.36m - (2006: £ 3.49m)
• (Loss)/profit before tax - £ (530)k - (2006: £ 285k)
• Basic (loss)/earnings per share - (3.98)p - (2006: 2.15p)
• Gearing - Nil - (2006: Nil)
• Net assets per share - 35.45p - (2006: 40.06p)
• Cash per share - 22.62p - (2006: 30.66p)

Product Summary

Ultima, the complete insurance and warranty solution, continues to bring significant business benefits to clients including:

• Low cost of ownership.
• Integrated solution.
• Flexible and designed for change with Business Configurator.
• Easy integration with external systems.
• Service Oriented Architecture.

Regarding the Company's current trading and outlook, Terence Bourne added: "Current trading is difficult for a number of reasons. The level of work from Capita has not been as extensive aas anticipated and our existing customers, although supportive, have not made decisions on starting significant projects. Invu and Contemi continue to generate interest with our clients and sales prospects but there have been no sizeable orders at the time of writing.

The sales and marketing team are proactively seeking new opportunities in our market place. We are seeing interest in all our products but the signature on contracts is proving frustratingly elusive. Nevertheless, the Company is stable and the Board is confident that the Company's strategy will bear fruit."Download the document now 21.9 kb (PDF File)