Gresham in line with revised forecasts; recurring revenue up

Source: Gresham

Gresham, the leading software and services company that specialises in providing real-time financial transaction control software to the global matching and reconciliation market, provides the following update on trading for the year ended 31 December 2014 ("FY 2014").

We expect to report revenue and earnings in line with market expectations for FY 2014. We also expect to report significant growth in FY 2014 CTC recurring revenues (up nearly three times) and other, non-CTC, parts of the business performing in line with expectations. Our financial position remained strong throughout FY 2014, with £4.7m of cash and no debt as at 31 December 2014 (2013: £4.4m and no debt). We expect our financial position to remain strong throughout 2015 and beyond.

During FY 2014, we more than doubled the number of CTC customers and, within this, added three new key customer accounts (being those that have the potential to generate CTC revenues in excess of £3m over a five-year period).

In Q4 2014, since our Interim Management Statement (issued on 9 October 2014), we have secured five new CTC customers, including a new key customer account and a new win for our North American business. We also extended an existing customer's usage of CTC, a trend that continues to develop across our CTC customer base.

Chris Errington, CEO Gresham, commented:

"We continue to win CTC customers and grow CTC recurring revenues in line with our strategy. The investments we have made in commercialising CTC have delivered good progress in the final quarter of the year both in terms of new customers and qualified prospects. We have a strong order book of work and qualified pipeline for 2015 and beyond."

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