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LONDON (Alliance News) - Financial software and services company Gresham Computing PLC Monday said it is trading in line with its expectations, as it posted a rise in pretax profit in the first half of 2015, driven by strong growth from its Clareti Transaction Control software platform.
For the half year to end-June, Gresham reported a pretax profit of GBP647,000, up from GBP597,000 a year before, as revenue rose to GBP7.1 million from GBP6.4 million, which helped offset a rise in administrative costs.
Clareti revenues made up around 31% of the company's total revenue, more than any of Gresham's other products, and also the largest gross margin contributor. Gresham said that the strong growth from Clareti in the first half confirms its confidence in its strategy to focus product investment and sales efforts on this product.
Clareti Transaction Control software revenue more than tripled to GBP1.5 million from GBP400,000, and recurring revenue increased to GBP900,000 from GBP300,000.
During the half year, Gresham signed up customers for Clareti including an insurance broker and a US pre-paid products business.
"We had a notably strong first half with group profitability greater than the whole of the last financial year," said Chief Executive Officer Ian Manocha in a statement.
"We are trading in line with our expectations, with CTC recurring revenue and international pipeline growing steadily. The market demand for sophisticated transaction control and data integrity platforms remains high. We remain confident in our strategy and the outlook for the business," Manocha added.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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