Last checked at 21 Apr 2009 07:00
| Press Release | 21 April 2009 |
Focus Solutions Group plc
("Focus Solutions" or the "Group")
Trading Update
Focus Solutions, a supplier of enterprise solutions to the financial services industry, today gives an update prior to the Group's Final Results for the year ended 31 March 2009 (FY2009).
| ● | Strong cash position, ahead of market expectations, at £4.0m (FY2008: £1.03m) |
| ● | Revenue and profit continue to grow strongly, in line with market expectations |
| ● | Changing business model with good visibility and increasing levels of recurring revenues |
| ● | Increased investment in research and development |
| ● | Strong pipeline for FY2010 |
| ● | Regulation continues to drive the market |
Richard Stevenson, Chief Executive, said: "The Board remains confident in the Group's strong position, both financially and operationally. We are diversifying our customer base, and have a strong pipeline of contracts and sales opportunities for FY2010. Our market is very much driven by the need for regulatory compliance, and the increasingly tight regulation that the FSA is imposing on the sector is underpinning the need for our software, which provides the Group significant opportunity.
"As a result of the increasing demand for our focus:360° product, in January 2009 we appointed Peter Dingomal as Sales Director - Wealth Management to promote sales of the focus:360° product internationally. This is a significant growth area in which the Board sees strong potential, not only in the UK but elsewhere in Europe and we remain confident in the Group's ability to deliver in the year ahead."
The Group will be announcing its Final Results in June 2009.
- Ends -
For further information:
| Focus Solutions Group plc | |
| Richard Stevenson, Chief Executive | Tel: +44 (0) 1926 468300 |
| Martin Clements, Finance Director | www.focus-solutions.co.uk |
| Daniel Stewart & Company plc | |
| Graham Webster | Tel: +44 (0) 20 7776 6550 |
| www.danielstewart.co.uk |
Media enquiries:
| Abchurch | |
| Heather Salmond / Joanne Shears / Mark Dixon | Tel: +44 (0) 20 7398 7709 |
| Joanne.shears@abchurch-group.com | www.abchurch-group.com |
Notes to editors:
About Focus Solutions Group plc
Focus Solutions is an established and proven supplier of enterprise solutions to the financial services industry in the UK, Ireland and more recently across Europe.
Focus has delivered over 100 complex front office projects with multiple integration points and partners to a blue chip client base including 8 out of the top 10 UK Life & Pension providers, a number of leading bancassurers including the likes of HSBC and Irish Life, significant wealth management players such as St James's Place and a number of mortgage providers. The technology truly enables straight through processing whilst providing an engaging client and adviser experience to submit and service business electronically.
focus:360° is at the core of all client implementations providing a single, agile, multi-channel technology platform. Focus has brought together three key areas of expertise: software, consultancy and service delivery. This totally integrated approach means clients can distribute any product across any channel. At the same time they can maintain an enterprise-wide view of the customer value and risk.
For further information on Focus, please visit www.focus-solutions.co.uk