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RNS - Interim Results for the six months ended 30th September 2010

release date: 07/12/2010

Focus Solutions Group plc

(‘Focus’ or ‘the Group’)

Interim Results for the six months ended 30th September 2010

Financial Highlights

  • Total revenues £5.43 million (H1 2009: £4.30 million)
  • Gross margins increased to 68% (H1 2009: 47%)
  • Operating profit before exceptional items £1.14 million (H1 2009: £0.27 million)
  • EBITDA before exceptional costs £1.59 million (H1 2009: £0.55 million)
  • Operating profit £1.12 million (H1 2009: £0.04 million)
  • Profit before tax £1.12 million (H1 2009: £0.15 million)
  • Basic earnings per share 3.02 pence (H1 2009: 1.30 pence)
  • Cash outflow from operating activities of £0.72 million (H1 2009: outflow of £0.31 million)
  • Cash balances £1.05 million (H1 2009: £2.51 million) and debt free

Operational Highlights

  • Largest contract win in the company’s history with a major global bank worth at least £10 million over a two year period
  • Other significant contract wins during the half year included:
    • contract win with third UK retail bank
    • contract extension with HSBC worth £1 million
    • two contract wins for focus:progress worth £0.5 million
  • Growing interest from organisations outside the UK and Ireland for focus:360°, including South Africa, Hong Kong and Israel
  • Appointment of individuals to key roles in the business, including Peter Cobb to Product Director
    Since Period End
  • Contract extension with Bank of Ireland Life to extend focus:360° to their mass market channel in addition to their mass affluent channel
  • Launch of focus:360° for iPhone and Android smartphones to further extend the product’s multi-channel capabilities

 Commenting on the results, Richard Stevenson, Chief Executive said: “It has been an excellent half year for the Group, which has seen the organisation continue its transformation into a market leading software specialist, delivering strategic multi-channel distribution solutions to leading financial services firms.

Our target markets both in the UK and overseas are continuing to be driven by an increasing focus on compliance and regulation and the need for financial services organisations to deliver excellent customer service. With focus:360° and our supporting services, we are ideally placed to address the requirements of these organisations and continue to deliver high margin, licence revenues for the Group in the coming months and years.”

Alastair Taylor, Chairman, added: "The Group has successfully transitioned from a largely professional services business to a focused software business. As a result, the Group now enjoys higher margins, a strong order book and a well diversified customer base.

On behalf of the board, I would like to thank the Group's management and staff for the hard work and commitment required to make this possible."

Read the full interim results here.