Interim Management Statement

RNS Number : 4027H

Gresham Computing PLC

19 May 2014

 

19 May 2014

Gresham Computing plc
("Gresham" or "the Company" or "the Group")
Interim Management Statement
Period 1 January 2014 to 16 May 2014

Gresham, the leading software and services company that specialises in providing real-time financial transaction control software to the global matching and reconciliation market, reports its Interim Management Statement for the period 1 January 2014 to 16 May 2014.

The Group has made a solid start to the financial year, with strong progress in commercialising our exciting, product Clareti Transaction Control (CTC):

·      In Q1 2014 we recorded £1.1m of CTC revenues, up from £0.1m of CTC revenue achieved in Q1 2013;

·      A major bank purchased CTC for real-time intersystems matching and reconciliation, increasing the use of CTC across this key account and growing long term annuity revenues;

·      A back office processing company serving clients across Asia Pacific purchased CTC to provide real-time matching and reconciliation;

·      We continue to see growth from existing CTC key accounts (and other CTC accounts), both with increased usage and expansion to new areas of the business:

o  An international asset manager substantially increased its use of CTC, doubling long term annuity revenues from this account;

o  Our bank channel partners for CTC grew their customer base during the period, confirming new per transaction based annuity revenues for 2014 and beyond; and

o  Two key account wins announced in mid-2013 continue to progress strongly, with visible revenue from our services increasing by approximately a third in revenue terms compared to our initial five year estimates.

·      We continue to win CTC paid proof-of-concept engagements with major banks, have grown our pipeline of opportunity across existing and new territories and positioned Gresham as the recognised leading provider of software to our target markets; and

·      Our financial position remains strong.

Chris Errington, CEO Gresham, commented:

"I am pleased to report we continue to make excellent tangible progress in the execution of our CTC led strategy, building revenues, customer numbers and prospects in our chosen markets.  We remain confident that there is a lot more to come from Gresham in 2014 and beyond as CTC is further established as the matching and reconciliation technology of choice around the world."

- Ends -

For further information please contact:

Gresham Computing plc Chris Errington, CEO Rob Grubb, CFO	[phone]
N+1 Singer Advisory Shaun Dobson, Head of Corporate Finance Nick Donovan, Corporate Finance	[phone]

 

END

 

 

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