A leading provider of integrated collateral management, regulatory compliance and reporting solutions for the financial services industry, is pleased to announce its final results for the year to 31st March 2014.
Highlights
- Revenues £20.4m (2013: £16.8m), of which second half £13.1m (2013 : £9.0m)
- EBITDA £6.0m (2013: £5.3m)
- Profit before tax £4.4m (2013: £3.9m)
- Cash at end of period £2.9m (2013: £1.9m) with net cash(1) of £2.3m (2013: £0.2m)
- A further 34 contracts signed for COREP, of which 16 are new names
- Significant sale of COLLINE ® to a Tier 1 bank in December 2013
- FY 2015 opens with record year end revenue order book in place
- Final dividend 0.045p per share (2013: 0.040p per share) recommended to shareholders
- The Board continues to view the future with optimism
The full RNS (No 9171G07) can be found on the London Stock Exchange. Chief Executive Officer, John Wisbey, commented on the results:
“Our revenues advanced by 22% continuing the trend of growth of the previous three years. We have now achieved compound revenue growth in the last four years of almost 23% p.a. and it is pleasing to have beaten market expectations on both revenue and profitability.
We have entered the new financial year with recurrent revenues at another all-time high of around £8.6m, our highest ever year end level of order book at £5.2m, and with a good sales pipeline. There is continued new European regulation in the UK beyond COREP, such as FINREP and Asset Encumbrance, and also regulatory change in several of the countries in which we operate.
Our Alliances programme is starting to become interesting with a number of opportunities being worked on. We have a new product, Compliance Assessor, which looks like a potential source of very useful new revenue.
We have invested in a Global Sales Director and are strengthening the Americas operation. Taking all these factors into account the Board believes that the commercial outlook is favourable.”
