· Revenue of £9.3m (2013: £7.3m) up 27.7%, supported by an order book of contracted revenue at £5.1m (2013: £5.4m).
· 121 COREP contracts now signed with 62 being for new names.
· EBITDA of £0.8m (2013 restated: loss of £0.02m) following revenue growth partially offset by increased staffing levels to deliver additional contracts.
· Profit before tax of £0.01m (2013 restated loss: £0.5m).
· Cash at period end of £2.2m (2013: £1.8m) with reduction in debt to £0.3m (2013: £1.0m).
· Continued investment in European Banking Authority regulatory initiatives including COREP and FINREP, the COLLINE® Optimisation module, and the next generation of REPORTER.
· Interim dividend of 0.035p (2013: 0.030p) per Ordinary Share.
Chief Executive Officer, John Wisbey, commented on the results:
"The Company achieved a record first half revenue of £9.3 million, up 27.7% on the previous year, and as we again expect our revenues to be weighted towards the second half, this bodes well for our full year performance. The revenue rise was driven, in part, by our regulatory programme for the European Banking Authority's COREP exceeding management expectations, with 121 clients now signed up for COREP, but we also signed some useful deals for COLLINE® our collateral management platform."
"The outlook for revenue growth remains promising, with market and regulatory environments continuing to favour the Company's product positioning in regulation, compliance and risk management despite a tough budgetary environment in the financial sector. In addition, the investment we have made in the last year can be expected to stand us in good stead in the years to come."