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Focus Solutions
- BY: Andrew Hore |
- POSTED: 20/04/2010 |
Focus Solutions says that profits and revenues for the year to March 2010 are in line with expectations.
The consumer facing financial software developer recently signed a reselling agreement with IT firm Mastek that covers the world outside of the UK. The contract is worth a minimum of £2.75m over five years. This is helping to fuel the optimism of the Focus management for the forthcoming year.
Cash in the bank fell from £4m to £2.4m over the year but the cash position tends to be flattered by advance payments at certain points so this is not a worry. There was £1.03m in the bank at the end of March 2008.
Full year figures will be published in June 2010.
At 42.5p a share, Focus is valued at £12.6m. House broker Daniel Stewart forecasts an improvement in profits from £1.9m to £2.1m in the year to March 2010, rising to £2.4m the following year when Focus is likely to start paying corporation tax. The shares are trading on less than eight times forecast earnings for 2010-11.
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