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15 May 2013 07:00
15 May 2013
Gresham Computing plc("Gresham" or "the Company" or "the Group")Interim Management StatementPeriod 1 January 2013 to 15 May 2013
Gresham Computing plc, the specialist provider of software based solutions that enable customers to achieve real-time financial certainty in transaction and cash management, reports its Interim Management Statement for the period 1 January 2013 to 15 May 2013.
The Group has made a solid start to the financial year, with significant progress in commercialising our exciting new product Clareti Transaction Control (CTC):
·; We have advanced a number of CTC opportunities with global financial institutions from proof of concepts to paid projects for the deployment of CTC in Asia Pacific and EMEA - we expect a number of these paid projects to proceed to full contractual engagements in due course, certain of which would be of significant value to the Group;
·; On the back of our accelerated investment in sales and marketing earlier this year, we are growing our qualified CTC opportunity pipeline for the second half of 2013 and beyond.
Our continuing trading performance for the first quarter of 2013 is in line with management expectations and the Group's financial position remains strong. On 11 March 2013, we announced the disposal of our Banking and Lending business operating in the Caribbean market, allowing us to focus attention on our strategic objectives for CTC in North America. The total consideration received was £0.5 million, generating a loss on disposal of approximately £0.3 million with a net cash inflow of approximately £0.3 million.
Based on the significant strategic progress made so far this year, the Board is confident that 2013 will be a pivotal year for the Group as CTC is rolled out to a growing list of customers and we establish solid new revenue streams for the Group.
Ken Archer, Chairman of Gresham, commented:
"I am pleased to report that the Company has made significant progress in the execution of its strategy to concentrate investment and sales efforts on CTC with the objective of achieving market leadership in financial transaction control and cash management. We are building a high-quality recurring revenue stream with leading financial institutions globally as well as with financial operations in non-finance verticals. CTC sales momentum will drive revenues for the remainder of 2013 and beyond."
- Ends -
For further information please contact:
Gresham Computing plcKen Archer, ChairmanChris Errington, CEORob Grubb, CFO | +44 (0) 20 7653 0200 |
N+1 SingerShaun Dobson, Head of Corporate FinanceNick Donovan | +44 (0) 20 7 496 3060 |
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