Gresham posts interim statement

Source: Gresham

Gresham, the specialist provider of real-time financial solutions and storage solutions, is pleased to report its interim management report for the period 1 January 2009 to 21 April 2009.

We are pleased to report that business in Q1 2009 was slightly ahead of what was a good Q1 2008, with cash balances remaining stable from the year end and expected to grow. We expect 2009 to be a year of significant progress for the group across its core business. Cash remained stable from the 2008 year end position and we strengthened our balance sheet with the sale of our freehold property in April 2009 for gross cash proceeds of £875,000.

We entered 2009 with a tighter focus on our core businesses, an encouraging order book, closing out a key contract and strengthening our balance sheet in early April 2009. The current economic environment has helped us achieve solid traction with our cash management solutions. Revenues from our core business are expected to grow substantially.

We were delighted to report in April 2009, post year-end, a new contract with a global banking group for the provision of software, services and support in respect of its cash management, payment gateway and cash reporting capabilities. Our focus is on securing new contracts of this type and establishing annuity incomes for the long term in our core markets.

In Q1 2009, we successfully delivered our first IBM iSeries Storage Director solution, securing a Fortune 500 real estate company as a client with several further prospects in banking, oil production and restaurant management in the pipeline. While we are too early in the cycle to predict what share of this market we will win, we believe that we have a very strong proposition for customers who are generally poorly served in this key storage niche.

We believe both our storage and core banking solutions are extremely well-positioned to capitalise on current market trends. In this new economy, real-time information about cash is of paramount importance to banks and their customers and Gresham Real-Time Financial Solutions provides the tools that give them that capability. Gresham Storage continues to deliver cost-efficiencies to customers through our ability to streamline, optimise and simplify their environments, enabling them to make better use of limited budgets. We therefore believe the future for the group is a promising one.

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