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Focus Solutions

  • BY: Andrew Hore |
  • POSTED: 17/06/2008 |

Focus Solutions remains keen to be part of the consolidation in its market.

The consumer facing financial software systems developer’s new shareholder Azini Capital Partners could help. It owns 26.9% of Focus as well as 19.8% of Portrait Software. Azini wants Focus to make progress with acquisitions. Two potential purchases fell through last year because of disagreements about price. Focus wants to move into new areas of the financial services market.

Turnover rose by 9% to £8.6m in the year to March 2008, while profits rose by one-third to £1.4m. This was slightly lower than expected because the completion of work with HSBC was delayed. Net cash fell from £3m to £1m but that was mainly down to the £1.3m advanced payment from HSBC at the end of the previous year.

Focus hopes to be in a position to pay a dividend in the near future. That will require a reconstruction of its balance sheet.

The benefits of the investment in the focus:360 technology will show through this year and next year. Focus has already gained five clients for the new technology and hopes to have eight by the end of September.

Spending by mortgage businesses has been delayed but this has been made up for by compliance and regulatory investment which customers can’t avoid.

The shares jumped 3.5p to 30p, valuing Focus at £8.84m.

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