AGM Statement
Focus Solutions Group PLC
27 June 2002
27 June 2002
Focus Solutions Group plc
AGM Trading Statement
Richard Jephcott, Chairman of Focus Solutions Group plc, will make the following
statement today at the Company's Annual General Meeting:
In the year to March 2002 we achieved significant revenue growth - an increase
of 123% - expanding our customer base and broadening our solutions into new
sectors of the financial services market. The acquisition of our partner in
North America, MPO Group Inc, was a particularly significant step as it will
enable us to exploit the growth opportunities of the North American and Pacific
Rim markets. MPO has been renamed Focus Solutions Inc. The business is now
fully integrated within the Group both commercially and technically, and a
promising sales pipeline has been developed. It has launched its first
solution as a result of its partnership with Milliman USA, a leading actuarial
practice, offering life companies in North America and the Pacific Rim the
ability to automate the new business sales process for insurance products from
application through to administration, including electronic policy capture,
underwriting, issue and fulfilment.
Since the year end in March we have launched our new Multi Channel Advice (MCA)
solution which will enable life and pensions companies in the UK to automate
their complex sales processes across their distribution channels. This solution
will be important in meeting the requirements of the new multi-tie groupings
that will emerge in the market following the proposed changes to legislation due
later this year. These changes would change the role of the IFA, with a new
channel emerging where intermediaries will be able to represent a number of
insurers. MCA is built using goal; technology, our XML toolkit. It will enable
organisations to rapidly develop components that can be deployed in any
distribution channel, (e.g. direct sales force, telemarketing centres, internet
sites), and easily changed to support the branding requirements of partners, the
introduction of new products or to respond to legislative changes.
Good progress has been made in the first quarter ending June 2002 with revenues
and costs in line with management expectations. The key challenge within the
financial services market internationally continues to be the need to cut the
costs of the complex sales process for life and pensions products against the
backdrop of an increasingly demanding environment. Consequently the Board
believes the Group is well placed to deliver its strategic objectives both in
the UK and internationally, and remains confident about the outlook for the
year.
ends
Enquiries
Focus Solutions Group plc 01926 468 300
John Streets
Claire Forrest
Citigate Dewe Rogerson 020 7638 9571
Chris Barrie
Sara Batchelor
Notes to editors
About Focus Solutions Group
Focus Solutions Group is a specialist provider of sales automation solutions for
the financial services industry. Through goal:technology, its XML based
collaborative toolkit, Focus delivers straight through electronic processing to
create a paperless sales process across multiple channels to market including
IFA portals, websites, Extranets, direct sales and call centres.
Focus has a portfolio of market facing propositions and services to help
customers to implement and use technology effectively. Propositions are
available for the Life and Pensions, Mortgage and General Insurance markets.
Focus has specific expertise in Point of Sale systems, having developed RIO,
Norwich Union's POS solution for their direct sales, tied agents and
telemarketing channels.
Focus customer base includes: Assureweb, Exchange FS, Friends Provident,
IFAEngine, Legal & General, Norwich Union, Royal & Sun Alliance, Scottish
Equitable, Scottish Provident, Scottish Widows, Skandia, Standard Life and Zifa.
Focus recently expanded internationally by acquiring its US partner, MPO, to
form Focus Solutions Inc. Focus Solutions announced its year-end results on
30.04.02, including revenues increased by 123% to £5.1m. For further
information on Focus Solutions, please visit www.focus-solutions.co.uk.
This information is provided by RNS
The company news service from the London Stock Exchange