Trading Statement
Mondas PLC
13 May 2002
MONDAS PLC
Contract Wins & Trading Update
Mondas PLC, the financial software specialist, announces the signing of
significant new contracts within both its securities and banking business unit
and its Resource 32000 accounting systems business unit.
GNI, one of the world's foremost brokers of financial instruments, has signed a
contract for Mondas' corporate actions processing solution, Radica CAPS, worth
£380,000 including services and support for a minimum of two and a half years at
£60,300 per annum. GNI is a wholly owned subsidiary of Old Mutual Financial
Services (UK) plc, owned in turn by Old Mutual plc, a FTSE 100 company.
In addition, Mondas has been awarded contracts to install Resource 32000 in a
consortium of six Essex Colleges of Further and Higher Education for the total
combined value of approximately £200,000 (of which £25,000 is annual support).
The colleges are Thurrock & Basildon, Writtle, Epping Forest, Braintree,
Redbridge and Chelmsford. This consortium agreement reinforces Mondas as a
market leader in the further education market, taking the total number of
contracts to over 80 (and over 100 in the education sector as a whole) including
sites such as: Guildford College of Further Education, Royal College of Music
and Loughborough College of Higher Education.
These orders are in addition to the contract announced on 7 May 2002 with Brewin
Dolphin Securities Limited securing future revenue of £1.42 million for project
services and support over the next two years.
Extended sales cycles have meant that most of the benefit of these contracts,
originally expected in the year to 30th April 2002 will now fall into the
current year. Despite this, the Directors believe the Company has made the
break-through into profitability over the second half of the year with an
operating profit (before depreciation, interest, goodwill amortisation and the
once-off restructuring charge, referred to in the Interim Report) in the region
of £90,000. This will not be enough to bring the Group to breakeven for the
year, which was the market expectation, but the Directors believe that it
demonstrates an encouraging trend which is likely to be sustained.
For the six months ended 30 April 2002, subject to audit, the Company was
cash-generative with a closing balance of £1.42 million, deferred income
increased to over £800,000 with a forward order book over £1.7 million, the
largest in the Group's history.
Commenting on the trading update, Tim Simon, Chairman, said:
'Mondas now has its highest order book ever, and the Directors are confident
that Mondas will sign further significant deals during the next few months. The
current prospective sales pipeline is encouraging, particularly as it includes
many global investment banks and asset managers. We look forward to further
growth during the current year.'
13 May 2002
ENQUIRIES:
Mondas PLC Tel: 020 7392 1302
Tim Simon, Chairman
College Hill Tel: 020 7457 2020
Matthew Smallwood
Camilla Glen
This information is provided by RNS
The company news service from the London Stock Exchange
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