News blog
Focus Solutions
- BY: Andrew Hore |
- POSTED: 26/11/2008 |
Focus Solutions is continuing its steady improvement in profits.
The consumer facing financial software systems developer’s figures were in line with its October trading statement.
Profits more than doubled from £357,000 to £741,000 in the six months to September 2008. Capitalised development spending increased from £243,000 to £431,000. Revenues rose 23% to £4.9m. Net cash is £2.29m.
HSBC remains the core revenue generator and Focus has already started the second phase of the project with the bank, which is worth £4.9m. However, growth elsewhere will reduce HSBC’s revenue contribution to around one-quarter next year.
House broker Daniel Stewart forecasts full year profits of £1.9m and a more normal tax charge. Focus needs to win three new contracts in the second half to make the forecast - it has already gained Towergate as a customer.
The shares rose 2.5p to 27p each, which values Focus at £7.96m. The shares are trading on less than seven times prospective earnings.
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