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Gresham Computing (GHT)

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Monday 24 September, 2007

Gresham Computing

Interim Results

Gresham Computing PLC
24 September 2007

Embargoed until 07.00 HRS (BST)
24 September 2007

                             Gresham Computing plc

                   ('Gresham', the 'Group' or the 'Company')

             Interim results for the six months ended 30 June 2007

Gresham, the specialist provider of real-time financial solutions and storage
solutions, today announces its un-audited interim results for the six months
ended 30 June 2007.


  • Significant milestone reached with Clareti Payables Financing
      • Agreed contracts with a major Asia Pacific telecommunications company
        and launched solution in Australia
      • First 'FTSE sized' customer is now live

  • Momentum in Clareti Cash Reporting Service continues to build
      • Value of transactions grew over 90% to in excess of US $500 billion
        per day on average
      • Growing list of providers
  • Proposed placing of 2.5m shares at 110p per share announced along side the
    interim results raising £2.75m before expenses.

Andrew Walton-Green, Gresham Chief Executive Officer, commented:

'This has been an important six months for our business.  We have become a
trusted party of some of the biggest global banks, handling hundreds of billions
of dollars of transactions a day through our core systems.  Crucially, we have
now extended our reach into the trade finance market, initially in Australia,
and are already meeting the supply chain financing needs of one of the world's
largest banks and its corporate customers in that region.

I am also pleased to announce a proposed placing of new Gresham shares along
side these interim results.  As a company, we are committed to building
revenues, profitability and reputation in global markets and the proceeds from
this placing will assist us in our pursuit of this aim.'

For further information please contact:

Gresham Computing plc
Andrew Walton-Green                                  +44 (0)20 7653 0228

Financial Dynamics
James Melville-Ross / Matt Dixon                     +44 (0)20 7831 3113

                                                               24 September 2007

                             GRESHAM COMPUTING plc

                   ('Gresham', the 'group' or the 'company')

              Interim results for the 6 months ended 30 june 2007

Gresham, provider of real-time financial solutions and storage solutions,
announces its un-audited interim results for the 6 months ended 30 June 2007.

Financials - accelerating our product to market

In the first half of 2007 we continued the step change in our sales and
marketing investment to enable us to take our core products and solutions to
market faster.  We have more than doubled our sales and marketing team in the 12
months to 30 June 2007 to over 30 people.  We report revenues for the six months
ended 30 June 2007 of £6.4m and a loss before tax of £1.5m. Cash at the half
year was £1.1m.

Placing - £2.75m before expenses

I am pleased to advise that we are today announcing, along side the interim
results, a proposed placing of 2,500,000 million new Ordinary Shares (the
'Placing Shares') at a price of 110 pence per share (the 'Placing Price') with
institutional and other investors in order to raise £2.75 million (before
expenses).  The funds raised will be used to strengthen the Company's balance
sheet, fund ongoing capital requirements and to fund expansion of the business.

Clareti Cash Reporting Service ('CCRS') - momentum for SIBOS

We assumed primary responsibility for this service from Cable & Wireless in the
second quarter of 2006. In the 12 months to 30 June 2007 the value of
transactions has grown over 90% to in excess of US $500 billion per day on
average, reflecting both the growth in the number of users and their increasing
data demands.

As a result of the increasing data demands from service users, we have added two
new data providers since April 2007, raising the total number of providers to
twenty four, of which: sixteen banks are now integrated to the hub and one bank
is undergoing final acceptance testing.  We now provide coverage of the
following thirteen currencies: AUD, CAD, EUR, GBP, HUF, JPY, NZD, PLN, SEK, THB,

Requests for data from both potential and actual users is driving the addition
of new providers onto the service.  We are currently working with four new banks
that have been asked to provide data to the service at the request of trial
users of the service, which if successful would add a further four currencies to
the service, being: CHF, DKK, FIH and NOK.

We have agreements for five 'Browser bank users' and five 'Direct bank users'.
As noted above, we are working to satisfy the requirements of prospective and
existing users and anticipate that much of this work will be evident in time for
SIBOS, the international banking conference, which this year takes place in
October in Boston, USA.

In the banking sector, we note that the Bank of International Settlements issued
a consultative report in July 2007 entitled 'Progress in reducing foreign
exchange settlement risk'. The report highlights the need for the wider banking
community to now more rapidly adopt solutions and controls to mitigate large,
and often unknown, financial risks associated with cash movements. Our CCRS
solution is currently being used by a number of the largest banks in the world
to assist them in managing the exposures identified in this report.

Clareti Payables Financing ('CPF') - significant contract

CPF is our patent pending supply chain financing technology. The technology has
been designed and built over the last 3 years, designed out of our expertise
gained through CCRS. We believe it is world class both in terms of innovation
and performance.

We are very pleased to announce that we have agreed contracts with a major Asia
Pacific telecommunications company to provide our technology solution to market.
We expect this deal to build in the short term to then deliver a material
impact on our future earnings over the next few years.

The service has been launched in Australia with a first 'FTSE sized' customer
that is now live.  Working alongside our partners, our expectation is that this
service will be rolled out to a number of other similar-sized businesses in
Australia over the next few years.

The supply chain financing service will be provided by the telecommunications
company, who in turn will be working closely with a major global bank. Our
consortium approach brings together Gresham's technology and expertise, the
global bank's wide reaching competencies in the financial market place and an
established telecommunications company with existing e-procurement capabilities.
Gresham derives revenue on a transaction basis, following the methodology of '
software as a service'.  We are pleased to be working with such highly respected
partners each seeking a mutually beneficial result.

We believe that this solution is perfectly placed to capitalise on solving the
opposing needs of buyers and suppliers; namely buyers wanting to hold on to
their cash for as long as possible and suppliers who want payment as fast as
possible. By leveraging the buyer's credit rating and working with a global bank
and supply chain experts, we are able to assist in unlocking working capital and
providing greater transparency of the physical and financial supply chain.
Providing access to real time payment information is an effective solution and
working alongside a service provider and a bank we can provide a full service

Clareti VTL - growing the sales pipeline

VTL stands for Virtual Tape Library. Clareti VTL is a data storage solution that
addresses the market need to more efficiently manage both virtual and physical
media (disk and tape), as well as to store and retrieve data in very large and
complex data storage environments. While the data storage requirements of many
companies and governmental organisations continue to grow exponentially across
the globe, the need to reduce energy consumption and cost per byte of data
stored also increases.

Clareti VTL Version 2 was released to the market for the second half of 2007.
Since release, we have seen significant progress with this solution and expect
to see further progress in the back half of 2007.


Given the strength of our existing pipeline we believe that we will begin to
reap the rewards of our investment programme during the second half of 2007.  As
a result, we believe that trading for the full year to December 2007 will be in
line with management's expectations.

Alan Howarth
21 September 2007

Group income statement
For the period ended 30 June 2007
                                                                            6 months     6 months        12 months
                                                                               ended        ended            ended
                                                                             30 June      30 June      31 December
                                                                                2007         2006             2006
                                                                           Unaudited    Unaudited          Audited
                                                                Notes          £'000        £'000            £'000

Revenue                                                           2            6,436        7,201           14,522
Cost of goods sold                                                           (3,152)      (3,924)          (6,928)
Gross profit                                                                   3,284        3,277            7,594

Administrative expenses                                                      (4,850)      (3,761)          (8,124)
Trading loss                                                      2          (1,566)        (484)            (530)

Finance revenue                                                                   70           56              132
Finance costs                                                                   (12)          (5)             (16)

Loss before tax                                                   2          (1,508)        (433)            (414)
Taxation                                                          3              240           50               40
Attributable to equity holders of the parent                      6          (1,268)        (383)            (374)

Loss per share (total and continuing)
Basic loss per share - pence                                      4           (2.52)       (0.76)           (0.74)
Diluted loss per share - pence                                    4           (2.52)       (0.76)           (0.74)

Group statement of recognised income and expense
For the period ended 30 June 2007
                                                                           6 months       6 months        12 months
                                                                              ended          ended            ended
                                                                            30 June        30 June      31 December
                                                                               2007           2006             2006
                                                                          Unaudited      Unaudited          Audited
                                                                              £'000          £'000            £'000

Exchange differences on translation of foreign operations                         2           (81)            (103)

Net income/(expense) recognised directly in equity                                2           (81)            (103)

Attributable loss for the period                                            (1,268)          (383)            (374)

Total recognised income and expense for the period                          (1,266)          (464)            (477)

Group balance sheet
At 30 June 2007
                                                                                     At           At             At
                                                                                30 June      30 June    31 December
                                                                                   2007         2006           2006
                                                                              Unaudited    Unaudited        Audited
                                                                  Notes           £'000        £'000          £'000
Non-current assets
Property, plant and equipment                                                     1,362        1,205          1,195
Intangible assets                                                                 6,036        5,334          5,879
                                                                                  7,398        6,539          7,074
Current assets
Trade and other receivables                                                       3,711        2,634          3,543
Income tax receivable                                                               464          302            305
Other financial assets                                                               20           36             32
Cash and cash equivalents                                                         1,116        5,327          3,557
                                                                                  5,311        8,299          7,437

TOTAL ASSETS                                                                     12,709       14,838         14,511

Equity attributable to equity holders of the parent
Called up equity share capital                                      6             2,518        2,513          2,518
Share premium account                                               6            10,037       10,009         10,037
Other reserves                                                      6             1,039        1,039          1,039
Foreign currency translation reserve                                6             (130)        (110)          (132)
Retained earnings                                                   6           (7,639)      (6,365)        (6,383)
                                                                    6             5,825        7,086          7,079
Non-current liabilities
Deferred income                                                                   1,081        2,058          1,562

Current liabilities
Financial liabilities                                                                 0           28              0
Income tax payable                                                                    0          109            121
Trade, other payables and deferred income                                         5,803        5,557          5,749

Total liabilities                                                                 6,884        7,752          7,432

TOTAL EQUITY AND LIABILITIES                                                     12,709       14,838         14,511

Group cashflow statement
For the period ended 30 June 2007
                                                                                  At              At              At
                                                                             30 June         30 June     31 December
                                                                                2007            2006            2006
                                                                           Unaudited       Unaudited         Audited
                                                                               £'000           £'000           £'000
Cashflows from operating activities
Trading loss                                                                 (1,566)           (484)           (530)
Depreciation and amortisation                                                    276             152             481
Share based payment expense / (credit)                                            12             (9)            (36)
(Increase)/Decrease in trade and other receivables                             (166)           2,104           1,321
(Decrease)/Increase in trade and other payables                                (603)           1,903           1,441

Cash (outflow)/inflow from operations                                        (2,047)           3,666           2,677
Net income taxes received                                                        101               0               0

Net cash (outflow)/inflow from operating activities                          (1,946)           3,666           2,677

Cash flows from investing activities
Interest received                                                                 71              56             132
Purchase of property, plant and equipment                                      (252)            (42)           (180)
Payments to acquire intangible fixed assets                                    (305)           (262)           (956)

Net cash used in investing activities                                          (486)           (248)         (1,004)

Cash flows from financing activities
Proceeds from issue of ordinary share capital                                      0               0              33
Interest paid                                                                   (13)             (5)             (8)
Decrease in obligations under finance leases                                       0            (30)            (59)

Net cash used in financing activities                                           (13)            (35)            (34)

Net (decrease)/increase in cash and cash equivalents                         (2,445)           3,383           1,639
Cash and cash equivalents at beginning of period                               3,557           1,973           1,973
Exchange adjustments                                                               4            (29)            (55)
Cash and cash equivalents at end of period                                     1,116           5,327           3,557

Notes to the financial information

1 Basis of preparation

These interim financial statements are unaudited and do not constitute statutory
accounts within the meaning of s240 of the Companies Act 1985.  The interim
financial statements have been prepared in accordance with IAS 34 'Interim
Financial Reporting' and the Listing Rules of the Financial Services Authority
('FSA'). The accounting polices applied in these interim financial statements
are consistent with those applied in the Group's most recent annual financial
statements. Revenue and administrative expenses for the comparative period ended
30 June 2006 has been restated to include the contribution received from Cable &
Wireless in line with the treatment adopted in the financial statements for the
full year ended 31 December 2006 and as described in note 26 to those financial
statements.  The impact of this change is to increase revenue in the comparative
period by £234,000 and increase administrative costs by £234,000.  There is no
change to the reported trading loss for that period.  The interim financial
statements were approved by the Board on 21 September 2007.  The financial
statements for the year ended 31 December 2006, which were prepared in
accordance with International Financial Reporting Standards, as endorsed by the
European Union ('IFRS'), and with those parts of the Companies Act 1985
applicable to companies reporting under IFRS, have been delivered to the
Registrar of Companies. The auditors' opinion on those financial statements was
unqualified and did not contain a statement made under s237 (2) or (3) of the
Companies Act 1985.  These interim financial statements will be forwarded to
shareholders shortly.

2 Segmental information
Revenue by source                        Period ended 30 June 2007               Period ended 30 June 2006
                                                                   Sales to                   Inter-   Sales to
                                      Segment   Inter-segment      External       Segment    Segment   external
                                      revenue           sales     customers       revenue      sales  customers
                                        £'000           £'000         £'000         £'000      £'000      £'000
Asia Pacific                              876           (338)           538         1,219      (121)      1,098
EMEA                                    3,883               0         3,883         4,212          0      4,212
North America                           2,015               0         2,015         1,891          0      1,891
                                        6,774           (338)         6,436         7,322      (121)      7,201

Result by segment                      Period ended 30 June 2007              Period ended 30 June 2006
                                   Asia       EMEA       North       Total      Asia       EMEA       North      Total
                                Pacific                America               Pacific                America
                                  £'000      £'000       £'000       £'000     £'000      £'000       £'000      £'000
Segment result                    (254)      (435)          69       (620)        36        147         384        567
Unallocated expenses                                                 (946)                                     (1,051)
Trading loss                                                       (1,566)                                       (484)
Net finance revenue                                                     58                                          51
Loss before income tax                                             (1,508)                                       (433)
Income tax credit                                                      240                                          50
Net loss for the year                                              (1,268)                                       (383)

Revenue by business segment                                                  Period ended          Period ended
                                                                             30 June 2007          30 June 2006
                                                                              £'000      £'000      £'000      £'000
Real Time Financial Solutions         Real Time Financial Solutions           3,676                 3,921
                                      IT Staff placement business             1,445                 1,965
                                                                                         5,121                 5,886
Storage Solutions                                                                        1,315                 1,315
                                                                                         6,436                 7,201

Result by business                   Period ended 30 June 2007                Period ended 30 June 2006
segment                                RTFS      Storage        Total         RTFS       Storage           Total
                                      £'000        £'000        £'000        £'000         £'000           £'000
Segment result                        (809)          189        (620)          609          (42)             567
Unallocated expenses                                            (946)                                    (1,051)
Trading loss                                                  (1,566)                                      (484)
Net finance revenue                                                58                                         51
Loss before income tax                                        (1,508)                                      (433)
Income tax credit                                                 240                                         50
Net loss for the year                                         (1,268)                                      (383)

3 Taxation
                                                     Six months      Six months               Year
                                                          ended           ended              ended
                                                        30 June         30 June        31 December
                                                           2007            2006               2006
UK tax
Research and development credit                           (265)            (50)               (90)
Foreign tax
Corporation tax                                               -               -                  -
Witholding tax charge                                        25               -                 50
Tax credit                                                (240)            (50)               (40)

4 Loss per ordinary share

Basic loss per share amounts are calculated by dividing net loss or profit for
the period attributable to ordinary equity holders of the parent by the weighted
average number of ordinary shares outstanding during the period.

Diluted loss per share amounts are calculated by dividing the net loss or profit
attributable to ordinary equity holders of the parent by the weighted average
number of ordinary shares outstanding during the period plus the weighted
average number of ordinary shares that would be issued on the conversion of all
the dilutive potential ordinary shares into ordinary shares.

The following reflects the loss and share data used in the basic and diluted
loss per share computations:

                                                                 Six months      Six months
                                                                      ended           ended         Year ended
                                                                    30 June         30 June        31 December
                                                                       2007            2006               2006
                                                                      £'000           £'000              £'000
Net loss attributable to equity holders of the parent               (1,268)           (383)              (374)

                                                                     Number          Number             Number
Basic weighted average number of shares
Dilutive potential ordinary shares:                              50,350,890      50,269,809         50,293,800
           Employee share options                                         -               -                  -
Diluted weighted average number of shares                        50,350,890      50,269,809         50,293,800

The employee share options are not dilutive because they would reduce the loss
per share in both years.

There have been no other transactions involving ordinary shares or potential
ordinary shares between the reporting date and the date of completion of this
interim statement.

5 Dividends paid and proposed

No dividends were declared or paid during the period or comparative periods.

6 Reconciliation of movements in equity
                                                         Share      Share      Other     Currency  Retained      Total
                                                       capital    premium   reserves  translation  earnings
                                                         £'000      £'000      £'000        £'000     £'000      £'000

At 1 January 2006                                        2,513     10,009      1,039         (29)   (5,973)      7,559

Exchange differences on translation of foreign               0          0          0         (81)         0       (81)
Share based expense recognised in the income                 0          0          0            0       (9)        (9)
Issue of shares                                              0          0          0            0         0          0
Attributable loss for the period                             0          0          0            0     (383)      (383)

At 30 June 2006                                          2,513     10,009      1,039        (110)   (6,365)      7,086

Exchange differences on translation of foreign               0          0          0         (22)         0       (22)
Share based expense recognised in the income                 0          0          0            0      (27)       (27)
Issue of shares                                              5         28          0            0         0         33
Attributable profit for the period                           0          0          0            0         9          9

At 31 December 2006                                      2,518     10,037      1,039        (132)   (6,383)      7,079

Exchange differences on translation of foreign               0          0          0            2         0          2
Share based expense recognised in the income                 0          0          0            0        12         12
Issue of shares                                              0          0          0            0         0          0
Attributable loss for the period                             0          0          0            0   (1,268)    (1,268)

At 30 June 2007                                          2,518     10,037      1,039        (130)   (7,639)      5,825

                      This information is provided by RNS
            The company news service from the London Stock Exchange