Focus Solutions enjoys full year growth on record sales
WARWICKSHIRE financial software group Focus Solutions has announced an increase in full year revenues and operating profit on the back of record sales.
For the year to March 31, the company grew revenue to £9.85m, up 3% on 2009’s £9.6m. Operating profit was up 20% at £1.92m, which compares with last year’s £1.6m.
Adjusted operating profit rose 33% to £2.27m, from £1.71m and pre-tax profit rose 15% to £2.04m, from £1.78m.
Richard Stevenson, chief executive, said: “The group has again achieved record sales and profits which can be attributed to the investment we have made in our products, the dedication of our staff and the detailed market knowledge we have in our core sectors.
“We are excited about the opportunities we have moving forward as we look to diversify our products and geographic markets, and also to continue to meet the needs of our clients who are facing significant regulatory changes. Building on significant recent contract wins, we have entered this year with the strongest pipeline in the group’s history and look forward to delivering on these opportunities.”
Significant new contract wins during year included a £2.75m order from Mastek, a £2m deal with Tenet and one from AWD Chase de Vere worth £1.4m.
In addition, HSBE went live with phase two of its wealth management point-of-sale solution to over 400 users. The firm also secured a US patent to enable it to enter the strategically important US markets.
The group also secured contract extensions with Assureweb, which enabled it to share in the transactional-based revenue for all electronic applications submitted via the portal within focus:360°.
The company has also made good progress in the transition of its business model towards higher licence users.
Its global growth plans are underpinned by the Mastek contract win. This will enable Focus to resell focus:360° across North America, Europe and the Asia Pacific regions.
Elsewhere, financial solutions rival eg solutions has announced the signing of a new contract worth approximately £430,000. The deal is with the general insurance division of an existing eg client.
The contract is for Nuqleus 3D, the business performance software acquired through XTAQ in March 2010, to provide management information supporting a broad range of operational excellence initiatives.
Work will commence immediately and it is expected the majority of revenues contracted will be recognised in the current financial year.
Elizabeth Gooch, left, chief executive of the Staffordshire firm, said: “We are delighted to have won this contract, the first since eg acquired XTAQ.
“It underpins our confidence in the sales potential of Nuqleus 3D, identified when we bought the business, and strengthens our position to deliver profitable growth over the next year and beyond. In addition, the complementary product set acquired through XTAQ will enable eg to satisfy the growing demand for real-time data capture”.
