Gresham Computing plc is delighted to provide the following trading update in respect of its un-audited results for the year ended 31 December 2008.
We anticipate reporting a significantly improved result for the year ended 31 December 2008 compared to that seen in 2007. The trend of revenue and profit growth from earlier quarters continued into Q4 2008. As a result, we anticipate reporting an adjusted EBITDA profit for the full year of approximately £0.6m, which includes £0.4m profit on sale of Redstone, compared to a loss of £2.2m reported in 2007. We expect to report a cash balance of approximately £1.1m at 31 December 2008.
Focus on core business and restructuring
We made good progress in restructuring the group in 2008, achieving significant cost reductions; closure of Gresham France (back-up software) and disposal of Redstone Software Inc (automation and testing software). In late 2008, we also commenced a restructuring of our IT staff placement business.
We enter 2009 with a tighter focus on our core business and a strong order book. The current economic environment has led to solid traction with our deposit aggregation solution and we now anticipate stronger revenue growth from this business line. Overall, we expect 2009 to be a year of significant progress for the group across its core business.