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Gresham Computing (GHT)

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Wednesday 27 April, 2005

Gresham Computing

Final Results

Gresham Computing PLC
27 April 2005

Embargoed until 07.00                                              27 April 2005

                             GRESHAM COMPUTING plc

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

            Preliminary results for the year ended 31 December 2004

Gresham, provider of enterprise software and solutions, announces its
preliminary results for the year ended 31 December 2004. The main results
highlights during the year were as follows:

  • Turnover up by 21%, operating losses reduced by 35% and retained loss
    after tax for the year reduced by 54%;
  • Significant progress with the Cable & Wireless Real Time Nostro ('CWRTN')
    service; and
  • Solid progress in our Integration and Storage businesses during the year.

Financial Highlights

                                                                     2004                                 2003
Turnover                                                           £12.4m                               £10.2m
Operating loss                                                    £(1.4)m                              £(2.2)m
Loss before tax                                                   £(1.2)m                              £(2.0)m
Retained loss after tax                                           £(0.9)m                              £(1.9)m
Loss per share                                                    (1.81)p                              (4.05)p

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

'2004 was a year of solid progress across all three divisions in the group, with
revenues up overall by 21%.  The CWRTN service went live in April 2004 and since
then we have earned first revenue from the service and seen an increase in the
number of data providers, which now include 4 of the 10 largest banks in the
world.  The CWRTN service is now a reality and our efforts are now focussed on
making further advances in 2005.  Progress in Integration included a contract in
the bank to corporate market involving a major UK bank and in Storage we saw
continued growth from our partnership with world class companies.  Overall, the
Board believes that the business is now well placed to capitalise on the
strength of opportunities developed in order to deliver continued growth in 2005
and beyond.'

For further information, please contact:

Gresham Computing plc                                        +44 (0)207 653 0228
Andrew Walton-Green, Chief Executive Officer

Financial Dynamics                                           +44 (0)207 831 3113
James Melville-Ross
Cass Helstrip

Embargoed until 07.00                                              27 April 2005

                             GRESHAM COMPUTING plc

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

            Preliminary results for the year ended 31 December 2004

Chairman's statement

I am pleased to report:

  • Turnover up by 21%, operating losses reduced by 35% and retained loss
    after tax for the year reduced by 54%;
  • Significant progress with the Cable & Wireless Real Time Nostro ('CWRTN')
    service; and
  • Solid progress in our Integration and Storage businesses during the year.

Financial performance for the year ended 31 December 2004

  • Turnover for the year up by 21% to £12.4m (2003: £10.2m);
  • Operating loss reduced by 35% to £1.4m (2003: £2.2m loss);
  • Loss before tax reduced by 39% to £1.2m for the year (2003: £2.0m loss);
  • Retained loss after tax reduced by 54% to £0.9m for the year (2003: £1.9m
    loss); and
  • Net funds of £3.0m at 31 December 2004.


Progress with the Cable & Wireless Real Time Nostro ('CWRTN') service during the
year and in the first part of 2005 has been significant.

The CWRTN service went live and the first subscription revenue from the service
was earned in the year. This was a major step forward since it demonstrated that
the technology works and that the service is of commercial value.  Since then we
have seen continued progress.

Citibank, Commonwealth Bank of Australia, National Australia Bank and Standard
Bank of South Africa agreed to become data providers, joining: ANZ, Barclays,
Bangkok Bank, JP Morgan Chase, Mizuho Corporate Bank and RBC Financial Group.

More recently, in April 2005, Bank of America also signed up as a data provider
to the service, bringing the number of 'top 10' banks1 that have agreed to
provide data to the service to 4 and the total number of data providers to 11.

8 of these 11 data providers, including 3 of the 'top 10' largest banks in the
world1, are now live as providers to the service.  In addition, a number of
other banks are considering providing data to the service.

The ongoing addition of new data providers is important as the Board believes
that the speed of roll out of CWRTN to subscribers will be determined by the
value users can extract from the service. That value increases in line with the
number of data providers that sign up to the service since this broadens the
currency coverage and value of funds over which subscribers can obtain real time

As of today, 2 banks are subscribers to the browser service. 1 further bank has
agreed to be a subscriber to the browser service and several other banks are
currently trialling the browser service.  October 2004 saw the launch of RTN
direct at SIBOS, in Atlanta, with Barclays as the first signed user.  The RTN
direct service differs from the browser service in that data can be streamed
directly into a bank's systems from the RTN hub, with data delivered as soon as
the transaction information is available on the service.  This allows the user
bank's IT systems to receive a 'pushed' information feed and immediately process
the transaction data in their back office systems.  Barclays went live as
subscribers to the direct service in early 2005 and a number of other major
banks are currently evaluating the direct service.

Most recently, in late April 2005, we were pleased to see the announcement by
TietoEnator, a leading global provider of IT services and solutions for the
finance industry in Northern Europe, who agreed to support the RTN direct
service, enabling users of TietoEnator's new ProLiquidity Bank solution to
calculate liquidity positions in real time utilising account data from CWRTN.

Cable & Wireless have advised the market that the preferred method of data
delivery to and from the CWRTN hub is via the SWIFTNet IP infrastructure.  SWIFT
is the industry-owned co-operative supplying secure, standardised messaging
services and interface software to 7,600 financial institutions in 200
countries.  Co-operation with SWIFT is key, enabling banks to maximise the value
of their investment in the SWIFTNet IP infrastructure.

During the year, we were also pleased to see a significant increase in the
number of participants in the Real Time Nostro User Group, chaired by Barclays
Bank. This group continues as a forum for sharing CWRTN service ideas and
experiences as well as key issues associated with cash management.  The forum
reinforces Real Time Nostro as a global industry initiative.


1 Measured by Capital (Source: The Banker: 'Top 1000 World Banks at 31 December
2003', July 2004).


We experienced solid revenue growth in our Integration business during the year.
The most significant single contract was a bank to corporate contract with a
major UK bank. This contract, announced in April 2004, was to licence
Casablanca, our flagship integration software, in conjunction with a third
party's application software to provide a working capital 'straight through
processing' solution between the bank and its major corporate customers. We have
now successfully deployed and delivered the software for the first project under
this contract, involving one of the bank's larger customers and anticipate
building on this success in the near future.

The working capital area is becoming a significant focus for us and we have
continued to make good progress with a number of potentially significant
opportunities for the group in this area.  We are currently developing a
solution in the bank to corporate market, which we initially intend to deliver
in Asia alongside a local leading communications group.

In addition, our Casablanca Java Integration Broker has been chosen by HP to
support their Real Time Financial Services architecture and Single Customer View
solution, because of its ability to interoperate seamlessly with HP's Non Stop
platform to create a new generation large integration hub.  While this
particular relationship has yet to produce first revenues, this new opportunity
helps to underline the increasing value we believe will be derived from

Casablanca is an integral part of our offerings both in our bank to bank and
bank to corporate initiatives giving our clients and partners a significant
advantage over more traditional integration products or approaches.  Casablanca
is increasingly giving us access to significant opportunities in our chosen
markets, typically alongside major partners, from which we expect business to
develop over time.


The upturn in market conditions for storage seen towards the end of 2003
continued into 2004, with Storage revenues up significantly in the year compared
to 2003, despite increasing market competition and a weak dollar.

We have also continued to invest in the development of our storage products in
order to expand their market reach and are currently engaged in alpha testing an
entirely new product range designed to address the growing market for secondary
storage consolidation.  The new product complements our current EDT (Enterprise
Distributape) product and provides interoperability of all back-up applications
and associated library storage devices as well as providing an excellent
platform for enabling storage consolidation.  The technology underpinning this
new product is patent pending, and is being developed utilising our extensive
knowledge of tape resource management.  It has received an early positive
reception within our chosen markets.  On satisfactory completion of testing, we
anticipate taking this product to market in the second half of 2005.

Future Outlook

The business has made significant advances in the past year.

Our strategy continues to be to build on short and long term opportunities
generated in our chosen markets and delivered by utilising our specialist
industry knowledge, know-how, technology and skills. In particular our strategy
is to pursue our core business areas of banking, integration and storage.  We
will continue to focus on these areas and seek to divest our non-core activities
at appropriate times in order to maximise shareholder value.

Market acceptance for CWRTN continues to grow.  During 2005, we expect to see
growth in the number of data providers and subscribers of both the browser and
direct service.  While revenues are initially relatively small and, as
previously indicated, will take a number of years to build to their full
potential, we believe that CWRTN is our most significant market opportunity and
has the potential to deliver the largest returns in the Group's history.
Progress in 2004 has moved us considerably closer to realising this potential
and we expect to make further advances in 2005.

In our Integration business, we also anticipate realising some of the
significant opportunities that we have developed, particularly from our working
capital solutions, integration capabilities and strengthened relationship with
HP.  Many of these opportunities require significant strategic definition and
analysis, as well as involving a fairly lengthy decision making process.  Whilst
progress towards realising these opportunities has so far this year been slower
than we would have liked, we expect to grow revenues in 2005.

Established relationships with world class companies such as StorageTek and IBM,
together with the development of exciting new technology, places our Storage
division in a good position to build on its 2004 performance.

Overall, the Board believes that the business is now well placed to capitalise
on the strength of these opportunities in order to deliver continued growth in
2005 and beyond.

Alan Howarth


26 April 2005

Gresham Computing plc
Group Profit and Loss Account
for the year ended 31 December 2004
                                                                                     Notes         2004       2003
                                                                                                  £'000      £'000

TURNOVER                                                                               2         12,398     10,245
Cost of sales                                                                                   (5,796)    (4,535)
GROSS PROFIT                                                                                      6,602      5,710
Administrative expenses                                                                         (8,012)    (7,868)
OPERATING LOSS                                                                                  (1,410)    (2,158)

Interest receivable                                                                                 217        209
Interest payable                                                                                    (5)        (6)

LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION                                                     (1,198)    (1,955)
Taxation credit on loss on ordinary activities                                                      305         12
LOSS ON ORDINARY ACTIVITIES AFTER TAXATION                                                        (893)    (1,943)

RETAINED LOSS FOR THE YEAR                                                                        (893)    (1,943)

Basic loss per share - pence                                                            3        (1.81)     (4.05)
Diluted loss per share - pence                                                          3        (1.81)     (4.05)

Gresham Computing plc
Group Balance Sheet
at 31 December 2004
                                                                                                2004        2003
                                                                                               £'000       £'000
Intangible assets                                                                              1,137       1,043
Tangible assets                                                                                1,241       1,336
                                                                                               2,378       2,379

Debtors                                                                                        7,640       6,301
Cash at bank and in hand                                                                       3,016       4,923
                                                                                              10,656      11,224

Creditors: amounts falling due within one year                                                 4,293       3,820
NET CURRENT ASSETS                                                                             6,363       7,404
TOTAL ASSETS LESS CURRENT LIABILITIES                                                          8,741       9,783

Creditors: amounts falling due after more than one year                                          268         477
                                                                                               8,473       9,306

Called up share capital                                                                        2,479       2,464
Share premium account                                                                          9,713       9,639
Special reserve                                                                                  313         313
Merger reserve                                                                                   726         726
Profit and loss account                                                                      (4,758)     (3,836)
SHAREHOLDERS' FUNDS - equity interests                                                         8,473       9,306

Gresham Computing plc
Group Statement of Cash Flow
for the year ended 31 December 2004
                                                                                Notes          2004         2003
                                                                                              £'000        £'000

NET CASH OUTFLOW FROM OPERATING ACTIVITIES                                        5         (2,011)      (3,083)

Interest received                                                                               199          225
Interest paid                                                                                   (5)          (6)
                                                                                                194          219
Corporation tax paid                                                                              -         (21)
Overseas tax received                                                                          (40)           12
                                                                                               (40)          (9)
Payments to acquire intangible fixed assets                                                   (278)            -
Payments to acquire tangible fixed assets                                                     (234)        (167)
                                                                                              (512)        (167)
Disposal of associated undertaking in prior years
                                                                                                387         (25)
                                                                                                387         (25)

NET CASH OUTFLOW BEFORE FINANCING                                                           (1,982)      (3,065)

Issue of share capital                                                                           91        4,184
Share issue costs                                                                               (2)        (132)
Repayments of finance leases                                                                    (5)         (76)
Net inflow from financing                                                                        84        3,976
(DECREASE) / INCREASE IN CASH                                                               (1,898)          911

Reconciliation of Net Cash Flows to Movement in Net Funds
for the year ended 31 December 2004

Increase in cash                                                                            (1,898)          911
Repayments of capital element of finance leases                                                   5           76
Change in net funds resulting from cashflows                                                (1,893)          987

Exchange differences                                                                            (9)            3
MOVEMENT IN NET FUNDS                                                                       (1,902)          990
NET FUNDS AT 1 JANUARY                                                                        4,918        3,928
NET FUNDS AT 31 DECEMBER                                                                      3,016        4,918

Gresham Computing plc
Group Statement of Total Recognised Gains and Losses
for the year ended 31 December 2004

                                                                                                2004         2003
                                                                                               £'000        £'000

Loss for the financial year                                                                    (893)      (1,943)
Exchange difference on retranslation of net assets of subsidiary undertakings                   (29)        (110)
Total recognised gains and losses relating to the year                                         (922)      (2,053)

Reconciliation of Group Shareholders' Funds
for the year ended 31 December 2004

                                                                                                2004         2003
                                                                                               £'000        £'000

Total recognised gains and losses relating to the year                                         (922)      (2,053)
Issue of shares (net of associated costs)                                                         89        4,052
Total movements during the year                                                                (833)        1,999

Opening shareholders' funds                                                                    9,306        7,307
Closing shareholders' funds                                                                    8,473        9,306



1.       The above financial information does not constitute statutory accounts
as defined in section 240 of the Companies Act 1985.  The results for the year
ended 31 December 2004 and the balance sheet at that date are extracted from the
statutory accounts (on which the auditors have given an unqualified opinion),
which will be filed with the Registrar of Companies.  The comparative financial
information is extracted from the statutory accounts for the year ended 31
December 2003 (on which the auditors have given an unqualified opinion), which
have already been sent to shareholders and filed with the Registrar of
The financial information has been prepared in accordance with UK generally
accepted accounting practice and on the basis of accounting policies consistent
with those applied in previous periods.

2.       Turnover and segmental analysis

The group's principal areas of activity, which are continuing, are the provision of solutions, software
and specialist contract staff.

Analysis of turnover by segment:                    Inter                                  Inter
                                     Turnover     segment     External     Turnover      segment      External
                                                 turnover     turnover                  turnover      turnover
                                         2004        2004         2004         2003         2003          2003
                                        £'000       £'000        £'000        £'000        £'000         £'000
Solutions                               4,350           -        4,350        2,842         (16)         2,826
Specialist contract staff               2,359        (11)        2,348        1,789         (21)         1,768
Enterprise solutions                    6,709        (11)        6,698        4,631         (37)         4,594
Enterprise software                     5,704         (4)        5,700        5,658          (7)         5,651
                                       12,413        (15)       12,398       10,289         (44)        10,245

Geographical analysis of                            Inter                                  Inter
turnover by source:
                                     Turnover     segment     External     Turnover      segment      External
                                                 turnover     turnover                  turnover      turnover
                                         2004        2004         2004         2003         2003          2003
                                        £'000       £'000        £'000        £'000        £'000         £'000
United Kingdom                          7,968           -        7,968        6,302         (31)         6,271
North America                           2,654       (577)        2,077        3,058        (828)         2,230
Rest of World                           3,097       (744)        2,353        2,686        (942)         1,744
                                       13,719     (1,321)       12,398       12,046      (1,801)        10,245

Geographical analysis of
turnover by destination:
                                                                                            2004          2003
                                                                                           £'000         £'000
United Kingdom                                                                             7,052         4,908
North America                                                                              1,595         1,641
Rest of World                                                                              3,751         3,696
                                                                                          12,398        10,245

2. Turnover and segmental analysis (continued)

Common costs comprise the costs of all central group services.
Analysis of loss on ordinary activities before taxation by segment:
                                                                                              2004        2003
                                                                                             £'000       £'000
Enterprise solutions                                                                       (1,732)     (1,998)
Enterprise software                                                                          1,248         669
                                                                                             (484)     (1,329)
Common costs                                                                                 (926)       (829)
Operating loss                                                                             (1,410)     (2,158)
Net interest receivable                                                                        212         203
Loss on ordinary activities before taxation                                                (1,198)     (1,955)

Analysis of loss on ordinary activities before taxation by source:
                                                                                              2004        2003
                                                                                             £'000       £'000
United Kingdom                                                                               (318)       (976)
North America                                                                                   75       (125)
Rest of World                                                                                (241)       (228)
                                                                                             (484)     (1,329)
Common costs                                                                                 (926)       (829)
Operating loss                                                                             (1,410)     (2,158)
Net interest receivable                                                                        212         203
Loss on ordinary activities before taxation                                                (1,198)     (1,955)

3.       Earnings per share

The calculations of earnings per share are based on the following earnings and numbers of shares.

                                                                                         2004          2003
                                                                                        £'000         £'000
Loss for the financial year                                                             (893)       (1,943)

                                                                                         2004          2003
                                                                                    Number of     Number of
                                                                                       shares        shares
Weighted average number of shares:
For basic earnings per share                                                       49,407,419    48,022,384
Potential ordinary shares - share options                                                   -             -
Diluted weighted average number of shares                                          49,407,419    48,022,384

For the years ended 31 December 2004 and 2003, the loss attributable to ordinary
shareholders and weighted average number of ordinary shares for the purpose of
calculating the diluted earnings per ordinary share are identical to those used
for basic earnings per ordinary share.  This is because the potential diluting
events would have the effect of reducing the loss per ordinary share and are
therefore not dilutive under the terms of FRS 14.

4.       Dividends

The directors do not propose the payment of an ordinary dividend in respect of
the year ended 31 December 2004.

5.       Reconciliation of operating loss to net cash flow from operating

                                                                                               2004         2003
                                                                                              £'000        £'000

Operating loss                                                                              (1,410)      (2,158)
Depreciation                                                                                    323          390
Amortisation                                                                                    159          132
Increase in debtors                                                                         (1,318)      (1,586)
Increase in creditors                                                                           235          139
Net cash outflow                                                                            (2,011)      (3,083)

6.       This preliminary statement of results will not appear as an
advertisement in any newspaper but the annual report is being sent to all
shareholders by 13 May 2005 and copies will be available to members of the
public from the company's registered office: Sopwith House, Brook Avenue,
Warsash, Southampton SO31 9ZA.

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

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