Message from the board - 13/0719 Jul 2012 10:32
A bit delayed, but the board relayed an encouraging message at the AGM last week - form StockMarketWire.com...
StockMarketWire.com - The chairman of Lombard Risk Management (LON:LRM), a leading global provider of collateral management, liquidity and regulatory reporting and compliance solutions for the financial services industry, says the group has made an 'encouraging start to the financial year'.
In a statement to the annual general meeting of shareholders held today Philip Crawford said:
"The Company has had an encouraging start to the financial year with seven further contracts signed so far for the European Banking Authority's COREP programme in addition to the four signed at the very end of March. Two of these contracts have been with clients that previously used competitor systems for regulatory reporting. The contract size achieved so far implies that the revenues for this programme and related EBA initiatives should achieve higher revenue for the Company than the Liquidity programme of 2010. As stated previously the Company's accounting policies mean that most of the revenue from our COREP projects is likely to be recognised in the second half of the financial year. In addition, progress has been made with advancing contracts and opportunities for COLLINE and for our new REFORM product and announcements will be made at the appropriate time.
"The Board remains cautiously optimistic about the prospects for the current year, with the obvious caveat that major additional instability in the Eurozone would be unwelcome. The trend still appears to be towards more rather than less regulation and this should continue to benefit the Company.
"Brian Crowe, who has been a non-executive director of the Company and has played a valuable role on the board since its IPO in 2004, has informed us of his wish to stand down as a director shortly after an appropriate successor can be found. Brian has had a major career change since joining the board and the board has accepted this wish. Announcements will be made at the appropriate time."
At 2:08pm 13/07: (LON:LRM) Lombard Risk Management share price was +0.26p at 9.88p