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Focus Solutions reports profit rise

06 June 2006  |  1342 views  |  0 Source: Focus Solutions Group

Focus Solutions Group plc, a leading provider of customer management solutions for the financial services industry, today announces its results for the year ended 31 March 2006.

Key Highlights

  • Turnover up 21% to £6.58 million (FY2005: £5.43 million)
  • Operating profit before reorganisation costs £367,000 (FY2005:£2,000)
  • Operating profit £110,000 (FY2005: £2,000)
  • Profit before tax £128,000 (FY2005: £26,000)
  • Cash of £0.1 million (2005: £1.0 million); debt free
  • Basic and diluted earnings per share of 0.45 pence (2005: 0.1 pence)
  • Appointment of new Chief Executive, Richard Stevenson

Significant new contract wins during the year included:

Life and pensions market

Barclays plc
HSBC Bank plc

Mortgage market

Home of Choice
Capital Home Loans
Homeloan Management Limited

General insurance market
Assurant Solutions
Global reseller agreement with BEA Systems Inc

Commenting on the results and prospects, Richard Stevenson, Chief Executive, said:

"This has been a successful year for Focus, with strong growth in turnover and continued improvement in profitability. Significant contracts were won with new customers in the bancassurance market, and the UK mortgage market. The mortgage market now accounts for 30% of turnover and the Group has also made good progress in the general insurance and government sectors. Recent actions to restructure the Group have reduced overheads and streamlined delivery. Focus is now is in a better position to exploit the potential of its existing markets and blue chip customer base. We also intend to develop our strategy to increase annuity revenue and accelerate growth through a combination of joint ventures, partnerships and potentially acquisitions in its target markets."

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