Revenue up, earnings down at Lombard Risk

Source: Lombard Risk

Lombard Risk Management plc (LSE: LRM) ("Lombard Risk"), a leading provider of regulatory reporting and collateral management solutions for the financial services industry, is pleased to announce their interim results for the six months ended 30 September 2015.

Highlights:
• Revenue of £10.8m (2014: £9.3m) up 16.1%
• Order book of contracted revenue at £6.8m (2014: £5.1m)
• Bookings for the period up 48% on the previous year
• EBITDA of £0.5m (2014: £0.8m)
• Loss before tax of £1.8m (2014: profit of £0.01m)
• Loss per share of 0.66p (2014: earnings per share of 0.00p)
• Write down of £0.7m (2014: £Nil) against carrying value of capitalised research and development
• Cash at period end of £2.7m (2014: £2.2m) with no debt (2014: £0.3m)
• Equity placing to raise £4.0m completed in May 2015
• Interim dividend of 0.035p (2014: 0.035p) per Ordinary Share
• Continued investment in European Banking Authority regulatory initiatives, COLLINE® and the next generation of REPORTER
• Major new contract win through alliance partnership
• Strengthening of Board through appointment of independent Non-executive Directors

Philip Crawford, Executive Chairman of Lombard Risk Management, commented: "The Board remains optimistic about the second half of the year, based on record levels of both contracted orders and recurring revenue streams. We recognise the continuing risks to our business of the impact of economic slowdown and the resulting effect on our core client base; however, we believe the continuing emphasis on regulatory change and indeed evolution represents a significant opportunity for the Company."

Kieran Lees, Global Sales & Marketing Director, says: "Our first half results show significant revenue growth and dramatic increase in new order bookings. We have seen a substantial increase in orders from new customers, in both our risk and regulatory businesses. This growth underlines the continued trust that the market has in our portfolio and ability to provide value to our clients. Our outlook is strong for the second half and we envisage an increasing number of new business and competitive replacement wins both directly and with our alliance partners."

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