Lombard Risk Management (AIM: LRM), the global provider of specialised software solutions that improve the management and reporting of collateralised trading, liquidity and regulatory compliance, announces Final Results for the year ended 31 March 2010.
Financial results for the year ended 31 March 2010 prepared under International Financial Reporting Standards ("IFRS") as adopted by the European Union.
· Revenue 3% up on same period last year at £8.95m (2009: £8.69m)
· Profitability achieved by Risk and Trading division, with both COLLINE Collateral Management software and Oberon achieving profitability
· More contract wins for COLLINE and acceptance of the software by a Tier 1 Continental European bank
· Multiple contract wins from UK regulatory business driven by Liquidity Standards regulation announced by FSA in October 2009 with most of the revenue from these to be earned in year ending 31 March 2011
· Loss before interest and tax of £1.3 m before one off charge relating to prior year bad debts (2009: £1.1m)
· Fund-raising completed in October 2009 resulting in strengthened Balance Sheet. Cash at year end £0.70m and no debt of any kind (2009: £0.15m cash and director loans of £1.33m)
· Strong start to trading in new financial year with over 30% like for like revenue growth, and profitability achieved in both the company's divisions in the first 4 months of year ending 31 March 2011
· Risk & Trading Division - Ongoing demand for COLLINE: COLLINE collateral management software has gone live at a high profile Tier 1 Continental European bank, proving the product's ability to deal with high volume international banks as well as medium sized and smaller clients. In addition, demand continues by banks and asset managers for collateral management products
· Regulatory Compliance Division: Revenue from Liquidity Standards regulations that come into effect by November 2010 proving to be a very positive for the Company's Regulatory Compliance division. The Company can expe division. The Company can expect to continue to benefit from further changes away from "light touch" regulation.
· Expected revenues from other new products in 2011
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