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Focus Solutions

  • BY: Andrew Hore |
  • POSTED: 09/12/2007 |

Financial services software company Focus Solutions made a maiden first half profit. 

Focus increased revenues by 43% to £4m in the six months to September 2007. A loss of £285,000 has been turned into a profit of £357,000. Tax losses mean that no tax is due to be paid. Net cash is £2m.

Focus is investing in additional modules of its software that cover new areas. This will enable Focus to offer more products to existing customers and reduce its costs by selling standard products.

New house broker Daniel Stewart forecasts full year profits of £1.66m on revenues of £9.5m. There will be continued work from the HSBC contract plus new work for AEGON Scottish Equitable. There is potential to win another HSBC contract for next year. A maiden dividend of 0.2p a share is forecast for the full year. At 42p, the shares are trading on a forecast multiple of less than eight.

Focus is keen to expand through acquisition so that it can increase its scale. It may be difficult to raise finance at the current time. That is why it is keen to merge with a quoted peers, such as Intelligent Environments, Portrait Software and Financial Objects, so that it can be done via a share swap.

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