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Focus Solutions

  • BY: Andrew Hore |
  • POSTED: 12/06/2009 |

Focus Solutions has grown its profits for five years in a row.

The consumer facing financial software developer grew revenues by 12% to £9.6m in the year to March 2009, while profits increased 27% to £1.78m.

HSBC provided just over 50% of last year’s revenues but this should fall to nearer 30% of revenues this year. Phase 1 of the HSBC multichannel point of sale project is complete and phase 2 is around two-thirds complete. There should be a third phase in the near future.

New contracts have been won with the Bank of Ireland and IFA Towergate. Focus wants to increase its business in the wealth management market across Europe.

House broker Daniel Stewart forecasts an increase in profit to £2.2m. Focus is expected to pay a more normal tax charge so earnings per share will fall by around 6%. The shares are trading at 38p each, which is the highest they have been for more than a year. The prospective 2009-10 multiple is seven. The company’s market value is £11.2m.

There is cash in the bank of £4m and the business is cash generative. The cash level depends on the timing of payments. The cash figure of £1.03m at the end of the previous year was unusually low. 

Focus is not looking at any acquisitions at this particular time but it remains interested in adding to its range of products and services.

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