Financial Architects (FinArch), international provider of financial management software, today reports its financial results for the full year ended December 31 2007 and proves that its current product offering underpinned by the Financial Resources Planning (FRP) concept is the main driver for its global business expansion.
FinArch achieved, once again, outstanding financial results. The Belgium-based company increased its overall revenues by 50% in 2007, and saw its headcount grow by 35%. The constant progression year after year confirms its position as a premier global provider of financial management software. FinArch credits its strong growth of the last year not only to new Basel II projects. It noted a significant increase of activities in all other areas of the company's product offering as well: sub-ledger and trading ledger opportunities, MIS, IFRS accounting and regulatory reporting initiatives. Expansion of the business was experienced in new projects worldwide.26 new contract wins in 2007,24% operating margin,60% increase in licence and maintenance revenues,42% increase in consulting revenues,35% growth in head count,32% increase in net assets,growing and strong cash position,39% increase in budget for R&D and marketing.
Operational Highlights50% increase in overall revenues for the year 2007 (compared to FY 2006),
FinArch intends to sustain its leading role in advanced performance measurement. The company will continue to respond to increasing regulatory and operational requirements and the high demand for integrated GRC platforms. The offering of a combined solution for different disciplines in the areas of advanced accounting techniques, faster and more detailed reporting, risk calculators and compliance is very much the direction in which FinArch will continue to grow its business. A very promising start of 2008 with a number of significant new contract wins further reinforces this strategic direction.
"The outstanding financial results reflect our success in bringing an innovative concept, FRP, to the market. Industry analysts have supported the importance of an integrated solution which can be achieved as an overall strategy to streamline the business needs of CFOs and CROs. Today we see an inevitable trend of interrelationships between what used to be different domains. Regulatory reporting, Basel II, IFRS and all internal and external reporting requirements are closely linked and driven by the same business data. This puts FinArch in a unique position to succeed going forward", states Dirk De Beule, FinArch Managing Director.
In Belgium, FinArch has been awarded the most promising company of the year 2007, an important accolade which recognises its success.