Focus Solutions Group plc (AIM:FSG), a leading provider of multi-channel distribution software to the global financial services industry, is pleased to announce that it has performed ahead of expectations in the first half of the year, delivering increased revenues and improved profitability.
Sales for the six month period to 30 September 2010 are expected to be approximately £5.4 million, an increase of 25% over the same period last year, with operating profit of over £1.1 million in the first half, compared to £0.1m in the same period last year.
New business sales have been particularly strong in the period, with orders from three different major retail banks, including the Group's largest ever contract win, worth a minimum of £10 million over the next two years and up to £20 million over a five year period. As a result, the Group has significantly improved visibility of earnings, and is therefore in a robust position as it enters the second half of the year, with over 80% of the current year's forecast revenues covered by order book. The Group's investment in its market leading focus:360° software is driving results, with increased licence revenues leading to improved operating margins and profit. The Group enters the second half of FY2011 with its strongest ever order book and a strong pipeline.
In addition, the benefits of the Coaching Platform acquisition in December 2008 are beginning to be realised, with the focus:progress product generating £0.5 million of licence sales in the period.
The Board attributes the Group's strong growth to the increasing focus on regulation and customer service within the financial services sector. By supporting banks' efforts to achieve compliance and improve the overall consumer experience, Focus is driving turnover and winning significant contracts with some of the world's largest financial services companies.
Richard Stevenson, CEO of Focus, commented: "Following our recent contract wins with three of the world's largest retail banks, our transformation from bespoke systems developer to software product provider has been clearly demonstrated. Our market leading product, focus:360°, allows the Group to continue to address similar opportupportunities, both within the Group's traditional markets and on an international basis in the months and years ahead, further diversifying and growing our customer base."
Alastair Taylor, Chairman of Focus Solutions commented: "This is an excellent performance from the Group. We have seen further evidence of the successful re-positioning of Focus Solutions as a product company; deriving a significant proportion of our revenues from high margin license fees, across a range of clients and demonstrating that focus:360° has become the strategic, multi-channel distribution platform of choice for leading financial services organisations."
The Group will be announcing its Interim Results on 7th December 2010.
Separately, Focus Solutions, the leading provider of multi-channel distribution software to the global financial services industry, is pleased to announce the appointment of Peter Cobb to the role of Product Director.
Peter joins Focus Solutions from Distribution Technology where he held the position of Product Manager and was responsible for developing their suite of products for sale to a range of financial services organisations. Prior to joining Distribution Technology, Peter also held Product Manager positions at both Sirius Financial Systems Limited and Profund Systems Limited and brings over 16 years of software development to Focus Solutions.
Within his new position at Focus, Peter will be overseeing the development and evolution of Focus' flagship multi-channel distribution product, focus:360°. This will include responsibility for setting the roadmap for the solution and its respective versions as well as channeling customer and market feedback to support the growth of the product in line with client requirements.
On his appointment at Focus Solutions, Peter commented, "I am delighted to be joining Focus Solutions and being part of the development of focus:360°, which has clearly been establishing itself as the multi-channel distribution product of choice for the largest players in the industry. With Focus' ambitions to develop the product onto new devices such as iPhone and Android as well as to expand the organisation internationally, I think now is a very exciting time to be joining them."
Dave Upton, UK MD of Focus Solutions, added: "Peter will be a great asset to the Focus Solutions team and will bring with him not only excellent industry knowledge but best practice product development methodologies that will benefit the organisation hugely. We have great aspirations for focus:360° moving forward and believe that Peter is the right person to help us with achieving those goals."