Software supplier eg solutions set to convert £24m order pipeline

STAFFORDSHIRE-based financial services software supplier eg solutions is targeting renewed growth after undergoing a difficult first half characterised by investment costs.

The firm, based in Dunston, made a loss of £735,000 for the first six months, largely due to investing heavily in the business in preparation for a major push into new territories.

Armed with fresh investment from US software giant Aspect, the company has spent the past few months preparing the ground for an assault on markets in the US and Asia.

The company’s sales pipeline has grown to a record £24m and new chairman and now chief executive as well, John O’Connell, said the second half was all about converting this pipeline into signed agreements.

Part of the investment has seen the firm employ a new sales force, with orders to go out and secure business in the traditional and high-growth markets across the world.

O’Connell, who has succeeded firm founder Elizabeth Gooch, said: “There is no doubt that this will be a year of transition for the business but we have lined up all our chess pieces and we now have to go out and win the business.

“There is a very encouraging trend in the sector, with new opportunities across many territories. It is up to us to take advantage of that and to convert these opportunities into new business.”

Ms Gooch, who instigated the changes to the business, has taken on a new role within the business where she will be focused on new opportunities.

“Although we have made a loss of £0.74m I like to look at it as making a £0.74m investment into the business,” she said.

“I recognised that the business needed support in certain areas and we have gone ahead and done that and now I’m really excited by some of the opportunities that lie ahead.”

She said while there would be no new product launched, the existing back office optimisation suite was more than adequate for the purpose.

“We can exploit opportunities with the existing product and that’s what we intend to do. There will be a focus on cross-border, cross-sector selling and we want to achieve a major global presence,” she added.

“We have taken a calculated risk but we are going out and doing what the government has urged British business to do and that is to win business for the UK in new markets.

“We are confident that we can do that and have built the company up to the point where we can achieve our goals.”