RNS Number : 4181V
Gresham Computing PLC
02 November 2010
2 November 2010
Gresham Computing plc
("Gresham" or "the Company")
Interim Management Statement
Period 1 July 2010 to 1 November 2010
Gresham Computing plc (LSE: GHT), the specialist provider of real-time financial solutions, reports its Interim Management Statement for the period 1 July 2010 to 1 November 2010.
The improvement in results and delivery of profit experienced in the first two quarters of 2010 continued through into the third quarter and the financial position of the Company remained strong.
Our Software business continued to deliver excellent results from a combination of both EDT and VME software sales. As announced separately last week, we were pleased to renew a major Software contract worth £1.3m over 4.5 years, with the full amount of cash payable in Q4 2010.
Our Real Time Financial Solutions business comprises a number of solutions and I am pleased to say that we saw progress in each business:
· Revenues and customer numbers continued to grow in the virtual accounts cash management solution deployed by a major UK bank. We are now actively working on the deployment of a strong pipeline of secured work whilst seeking further growth;
· Two major banks use CCRS on a daily basis and we have increased the availability of currencies from new provider banks further in the period with revenues increasing as a result. We are targeting further growth both from adding more currencies and taking the proposition to prospective new user banks;
· We added a further customer to our working capital supply chain solution in the period and we remain focused on further growth in both revenues and customer numbers; and
· Overall, our professional services teams were well utilised in the period and we anticipate this continuing through into next year.
Overheads have been controlled carefully in the period and we continue to keep this area under close review.
Eric Sepkes has resigned as Chairman and Director of Gresham Computing plc with effect from 2 November 2010. The Board thanks Eric for all his work at Gresham and wishes him every success for the future.
Ken Archer, currently a Non-Executive Director, is appointed Non-Executive Chairman with immediate effect.
In addition, Chris Errington is appointed CEO with immediate effect, a role which he has held on an interim basis since April this year. Rob Grubb continues as interim CFO.
The Board now comprises: Ken Archer (Non-Executive Chairman), Chris Errington (CEO) and Max Royde (Non-Executive).
We expect the improvement in trading seen so far this year to strengthen further through to the end of the year from a combination of both license sales and strong demand for implementation services. We are also building a good order book and pipeline of new business for delivery in 2011.
Chris Errington, CEO, commented:
"Trading has remained ahead of our expectations for the third consecutive quarter and we are now working to close out the full year in a similar fashion."
Ken Archer, Non-Executive Chairman, commented:
"I am delighted to take up the role of Chairman at Gresham Computing in what is an exciting time for the Company. In challenging market conditions, the Company has established a solid financial foundation which will underpin planned market strategies to drive profitable growth.I would also like to extend my appreciation to Eric for his contribution as Executive Chairman."
- Ends -
For further information please contact:
Gresham Computing plc
+44 (0) 20 7653 0200
Chris Errington, CEO
Ken Archer, Non-Executive Chairman
Singer Capital Markets Ltd
Shaun Dobson, Partner and Joint Head of Corporate Finance
+44 (0) 20 3205 7500
James Maxwell, Director of Corporate Finance
This information is provided by RNS
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