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Business Control Solutions

  • BY: Andrew Hore |
  • POSTED: 22/08/2008 |

Business Control Solutions continues to make progress even though it is in a tough market.

BCS offers consultancy and software, predominantly to financial services businesses. It helps the management of a customer to monitor and control what is going on within their business. Financial services is not a perfect customer base these days but it hasn’t stopped BCS moving from loss to profit.

A loss of £425,000 was turned into a profit of £29,000 in the six months to June 2008, even though revenues dipped from £4.66m to £4.55m. Cash was preserved despite capitalised investment in software and there is still £2.3m in the bank.

The revenues of the software division fell but the loss was lower. Recurring revenues grew by 70%. Integrity, which helps management substantiate assets and liabilities, is being implemented by Deutsche Bank. Once this is full up and running other banks will start to consider the software more seriously. 

The consulting division continues to grow its revenues and profits. The banks that are its customers don’t appear to have been as hard hit as some others and the consulting division’s utilisation rates are still above 85% even though five new people were taken on during the first half.

The rate of growth in the consulting division has slowed and the full benefits of the investment in software development will probably take a bit longer to show through.

At 2p a share, BCS is valued at £5.43m. 

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