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Focus Solutions

  • BY: Andrew Hore |
  • POSTED: 24/09/2008 |

Focus Solutions has won £4.9m of additional work from HSBC.

This is the second phase of the software contract and it does not include the £765,000 of consultancy work gained earlier this year. The first phase, which relates to life, pensions and investment products, has almost been completed.

The new contract is for the wealth management division and most of the revenues will be generated over the next 12 months.

House broker Daniel Stewart forecasts earnings per share of 7.8p for the year to March 2009, rising to 8.4p for 2009-10. Focus shares rose 2p to 32p but they are still trading at little more than four times this year’s forecast earnings.

The company’s revenues are dominated by HSBC so that might warrant a cautious rating. Even so, the balance sheet is strong, with £1m in cash, and there are plans for a dividend.

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