Trading Update

RNS Number : 6492F

Focus Solutions Group PLC

13 October 2008

 



Press Release

13 October 2008

Focus Solutions Group plc

("Focus" or the "Group")

Trading Update 

Focus Solutions Group plc, a leading provider of proven enterprise solutions to the financial services market, is pleased to announce that it has performed well in the first half of the year.  Sales for the period are expected to be approximately £5.0 million, an increase of 25% over the same period last year, with operating profit before exceptional items of over £0.7m in the first half, compared to £0.5m in the same period last year. Net cash balances at 30 September 2008 totalled £2.2 million, up from £1.0 million at the year end. 

The Group has significantly improved visibility of earnings, and is therefore in a robust position as it enters the second half of the year. The Board's decision to focus on package software rather than bespoke solutions will have a positive impact on margins, and will also enable further cross selling of products. The Group has a strong pipeline and anticipates closing further contracts in the coming months.

The Board attributes the Group's strong growth to the increasing focus on regulation within the financial services sector. By supporting banks' efforts to achieve compliance, Focus is driving turnover and winning significant contracts with large, multi-national clients, particularly in the wealth management sector. 

Richard Stevenson, CEO of Focus, commented: "As we have said to the market previously, we are bucking the trend in terms of growth in this sector. The significant investment we have made in our market leading distribution platform, focus:360° ensures that Focus is in a strong position to continue to win further business from our blue-chip client base.

"Our ability to cross sell our products to high quality customers supports our growth, and gives the Board confidence in the prospects for the Group over the second half of the year."

The Group will be announcing its Interim Results on 2nd December 2008. 

- Ends - 

For further information:

Focus Solutions Group plc
Richard Stevenson, Chief Executive	Tel: [phone]
Martin Clements, Finance Director	www.focus-solutions.co.uk

Daniel Stewart & Company plc
Graham Webster	Tel: [phone]
Chloe Ponsonby	www.danielstewart.co.uk

Media enquiries:

Abchurch
Heather Salmond / Joanne Shears / Mark Dixon	Tel: [phone]
[e-mail]	www.abchurch-group.com

Notes to editors:

About Focus Solutions Group plc

Focus Solutions is an established and proven supplier of enterprise solutions to the financial services industry in the UK, Ireland and more recently across Europe.  

Focus has delivered over 100 complex front office projects with multiple integration points and partners to a blue chip client base including 8 out of the top 10 UK Life & Pension providers, a number of leading bancassurers including the likes of HSBC, Irish Life and Barclays, significant wealth management players such as St James's Place and a number of mortgage. The technology truly enables straight through processing whilst providing an engaging client and adviser experience to submit and service business electronically.  

focus:360° is at the core of all client implementations providing a single, agile, multi-channel technology platform. Focus has brought together three key areas of expertise: software, consultancy and service delivery. This totally integrated approach means clients can distribute any product across any channel. At the same time they can maintain an enterprise-wide view of the customer value and risk. 

For further information on Focus, please visit www.focus-solutions.co.uk

 

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