Focus Solutions FY pre-tax profit jumps 27%

Source: Focus Solutions

Focus Solutions Group plc (AIM: FSG), a supplier of enterprise solutions to the financial services industry, is pleased to announce its Preliminary Results for the year ended 31 March 2009.

Financial highlights
• Sales revenue up 12% to £9.60 million (FY2008: £8.60 million)
• Profit before tax up 27% to £1.78 million (FY2008: £1.40 million)
• Operating profit before exceptional costs up 17% to £1.71 million (FY2008: £1.46 million)
• EBITDA before exceptional costs up 26% to £2.01 million (FY2008: £1.59 million)
• Operating profit up 34% to £1.60 million (FY2008: £1.19 million)
• Net operating margins 16.7% (FY2008: 13.8 %)
• Cash of £4.00 million (FY2008: £1.03 million); debt free
• Earnings per share:

  • Fully diluted earnings per share 5.26 pence (FY2008: 5.99 pence)
  • Adjusted fully diluted earnings per share up 28% to 5.43 pence (FY2008: 4.24 pence)*

* As a result of the recognition of a deferred tax asset, the Directors consider that it is appropriate to provide information on a pre-deferred tax fully diluted Earnings per Share basis.

Operating highlights
• Significant new contract wins during the year included:

  • HSBC Point of Sale Phase Two £4.9 million
  • HSBC Offline £0.8 million
  • Wealth management division of major UK bank £1.7 million
  • Towergate Financial £0.8 million
  • Bank of Ireland Phase 1 £0.5 million

• Launch of focus:360° and associated versions
• Successful completion of phase one of the HSBC multi-channel point of sale solution
• Acquisition of The Coaching Platform, a specialist financial services consultancy and online training resource company
• New offices in Crewe and London

Commenting on the results, Richard Stevenson, Chief Executive, said: "The Group has again achieved record sales and profits which can be attributed to the investment we have made in our products, the dedication of our staff and the detailed market knowledge we have in our core sectors. We are excited about the opportunities we have moving forward as we look to diversify our products and geographic markets and also to continue to meet the needs of our clients who are facing significant regulatory changes."

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