Patsystems posts full year results

Source: Patsystems

Financial Highlights:

  • Revenue increased by 13% to £22.1 million (2008: £19.6 million)
  • Adjusted pre-tax profit grew by 7% to £3.9 million (2008: £3.7 million)*
  • Cash flow from operating activities of £4.3 million (2008: £3.6 million)
  • Cash balances at the year end of £8.9 million (2008: £5.9 million)
  • Proposed full year dividend increased by 17% to 0.425p per share (2008: 0.363p per share)

*adjusted for share option costs, marking to market of derivatives used to hedge cash flows and amortisation of intangibles other than internally developed software

Operational Highlights

  • Trading systems most successful year to date despite collapse of Lehman Brothers Inc
  • Billable Pro-Mark trading screen user numbers increased to 723 (2008: 571)
  • Major installations for Indonesian Commodity and Derivative Exchange and TurkDEX

Richard Last, Chairman, of Patsystems, commented: "2009 has underlined the strength and robust nature of the Patsystems offering and business model. In a year dominated by economic uncertainty and in the wake of the collapse of a major client, the Company has delivered double digit turnover growth, strong profit improvement and outstanding cash generation.

The Company begins the current year with a strong sales pipeline, a number of well qualified and well progressed sales prospects to new customers and the opportunity for continued growth from our existing customer base.

The management team deserve great credit for the stewardship of the Company in such turbulent times and the proposed increase in dividend is in recognition of an excellent trading performance and of our confidence in the future."

Read the full statement here:

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