Focus Solutions reports interim profit

Source: Focus Solutions Group

Focus Solutions Group plc (AIM: FSG), a leading supplier of adaptive software solutions to the financial services industry, today announces unaudited interim results for the six months to 30th September 2007 reported under IFRS.

Financial Highlights:
  • Total revenues up 43% to £4.0 million (2006: £2.8 million)
  • Operating profit before exceptional items £0.5 million (2006: operating loss before exceptional items £0.1 million)
  • Operating profit £0.3 million (2006: operating loss £0.3 million)
  • Profit before tax and interest £0.4 million (2006: loss before tax and interest £0.3 million), trading profitably for the first time in the first half of the year
  • Basic earnings per share 1.21 pence (2006: loss per share 0.71 pence)
  • Net cash balances £2.0 million (2006: £0.4 million)

    Operating Highlights:

  • New contract wins in the period included:
    • HSBC Bank plc - Consultancy services to assist in the scoping and analysis of requirements for the second half of a major new project being undertaken by the bank
    • Openwork Limited - Restructured enterprise licence agreement for the Openwork Trading Platform and for multiple sales processes covering the Conduct of Business Rules (COBs)
    • Further new contract wins since the period end:
    • AEGON Scottish Equitable - contract for IT services including the development of an intermediary extranet solution to support the sale of investment bonds and retirement products


    Commenting on the results, Richard Stevenson, Chief Executive said: "I am delighted to announce another period of strong growth for the Group when we achieved profitability in the first half of the year for the first time. Customers are still actively investing in new front office technology solutions to meet competitive pressures and required regulatory changes. New business enquiries at present are higher than the corresponding period last year and we remain confident in meeting expectations for the year as a whole."

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