Last checked at 20 Jan 2010 07:00
Gresham Computing plc
Trading update
Gresham Computing plc (LSE: GHT), the specialist provider of real-time financial solutions, today provides the following trading update.
The Board has completed its restructuring of the business, delivering annual cost savings going into 2010 of just over £2.6m. The one off cost in 2009 associated with the restructuring was approximately £0.5m and the net accounting loss associated with the disposal of non-core businesses completed in the second half was approximately £1m. As a result of the restructuring, underlying trading performance has improved markedly in Q4 2009 compared to Q3 2009 and this trend has continued into 2010. Cash at 31 December 2009 remained the same as that held at the time of our interim management statement in October 2009. We also have substantial deferred cash inflows from prior capital disposals, totalling at least US$800,000, set to supplement this in 2010.
We enter 2010 with a significantly lower cost base and strong platform of recurring revenues from which to now build our real-time financial solutions business further. We continue to work on a number of exciting opportunities in the cash management sector. Whilst budgets in the financial services industry as a whole have been deferred, or on hold, for some time now, we believe that 2010 will see these restrictions gradually lifted.
For further information please contact:
| Gresham Computing plc | +44 (0) 20 7653 0200 |
| Andrew Walton-Green, CEO | |
| KBC Peel Hunt | +44 (0) 20 7418 8900 |
| Capel Irwin, Daniel Harris | |
About Gresham Computing plc
Gresham Computing plc is an expert in delivering real-time financial services, specialising in providing banks and their customers with value-added solutions. Founded in 1969, Gresham Computing plc has been listed on the London Stock Exchange (GHT) since 1991 and has offices in Europe, North America and Asia Pacific. Many of the Fortune Global 500 choose Gresham to help improve their competitive edge and bottom line performance in the challenging market sectors of Deposit Acquisition, Real-Time Liquidity, Risk, Cash and Treasury Management, Supply Chain Financing and Electronic Invoicing.
For more information please visit www.gresham-computing.com.