Gresham Computing makes Q1 progress

Banking software firm Gresham Computing reported improved first quarter pre-tax profit and revenue while it remains confident about its recently upgraded outlook.For the quarter ended 17 April 2011 pre-tax profit rose to £0.3m from £0.0m the year before. Revenue for the period rose to £2.5m from £1.9m. Adjusted EBITDA profit increased to £0.4m from £0.1m the same quarter a year earlier. Gresham confirmed that its order book and pipeline remains strong while cash levels increased to £3.3m from £3.1m before. "Revenues in the first quarter of 2011 were significantly ahead of the comparative period, with Real-time financial solutions revenues up 36%, from growth in both annuity and professional services, and Software revenues up 15% as customer demand for licensing and support continued," said Gresham in a company statement. CJ