8 Jul 2013 07:00
8 July 2013
Lombard Risk Management plc
("Lombard Risk" or the "Company")
Significant Contract awarded by major Asian Banking Group
Lombard Risk Management plc (LSE: LRM), a leading global provider of collateral management, liquidity and regulatory reporting and compliance solutions for the financial services industry, is pleased to announce a significant new contract win.
Lombard Risk has been awarded a contract to provide its REPORTER regulatory reporting software in Hong Kong and Singapore for a major wealth management banking subsidiary of a leading Asian bank with group assets in excess of US$150bn.
Revenue deriving from the contract will not be recognised until the second half of the current financial year, reflecting the expected product delivery and implementation schedule. The contract, together with other recent contract wins, underscores the Board's planned revenue growth for the current year.
Commenting on the contract award, John Wisbey, Chief Executive Officer of Lombard Risk, said "This is a significant contract win, both strategically for our Asian business and financially. Asia is a key market for Lombard Risk; the Company has over 150 staff based there and Asian regional regulatory reporting is an important part of our product strategy. The contract was won in a competitive situation in which Lombard Risk's proven ability to deliver in an agreed timeframe and to budget was a deciding factor, as was Lombard Risk's tried and tested technology and our technology vision. The bank has also been a client for UK regulatory reporting for several years".
This contract adds to over fifty financial institutions relying on Lombard Risk's regulatory reporting technology in numerous countries in Asia.
For further information, please contact:
Lombard Risk Management plc Tel: 020 7593 6700
John Wisbey, CEO john.wisbey@lombardrisk.com
Paul Tuson, CFO paul.tuson@lombardrisk.com
Charles Stanley Securities Tel: 020 7149 6000
Nominated Adviser and Broker
Russell Cook / Carl Holmes
Newgate Threadneedle Tel: 020 7653 9850
Graham Herring / Robyn McConnachie