Focus trading ahead of expectations

FINANCIAL software supplier Focus Solutions has announced it has performed ahead of expectations for the first half of the year.

The Leamington Spa firm said revenues had increased and profits improved.

Sales for the six months to September 30, 2010 are expected to be approximately £5.4m, an increase of 25% over the same period last year, with operating profit of over £1.1m in the first half, compared to £0.1m in the same period last year.
 
New business sales have been particularly strong in the period, with orders from three different major retail banks, including the group’s largest ever contract win, worth a minimum of £10m over the next two years and up to £20m over a five year period.  

As a result, the group has significantly improved visibility of earnings, and is therefore in a robust position as it enters the second half of the year, with over 80% of the current year’s forecast revenues covered by order book.  

The group’s investment in its market leading focus:360° software is driving results, with increased licence revenues leading to improved operating margins and profit. 
Focus said it entered the second half of the year with its strongest ever order book and a strong pipeline.
 
In addition, it said the benefits of the Coaching Platform acquisition in December 2008 were beginning to be realised, with the focus:progress product generating £0.5m of licence sales in the period. 

• Focus wins £10m contract

Richard Stevenson, CEO of Focus, commented:  “Following our recent contract wins with three of the world’s largest retail banks, our transformation from bespoke systems developer to software product provider has been clearly demonstrated.  Our market leading product, focus:360°, allows the group to continue to address similar opportunities, both within the group’s traditional markets and on an international basis in the months and years ahead, further diversifying and growing our customer base.”

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