Focus Solutions Group PLC
4 March 2002
4 March 2002
Focus Solutions Group: Statement on Trading
The Board of Focus Solutions Group plc ("Focus" or the "Group"), the specialist
provider of sales automation solutions for the financial services industry,
today issued the following statement with regard to trading for the year to 31
March 2002.
At the time of our interim results announcement in November 2001, we said that
the weak economic climate would impact the timing of our revenue, particularly
the UK mortgage market and the new US market. We can now report that revenue
contribution will be minimal from these new markets in the current financial
year. As a result our expectation for the year-end is not less than £5.0 million
of total revenues, which while below market expectation, would still represent
120% annual growth.
The management continues to maintain tight cost control and now anticipates a
loss before tax of £2.6 million. Significantly, the Group's balance sheet
remains strong with net cash expected to be in excess of £4 million at the
year-end.
Despite the difficult economic climate the Directors are pleased to report that
the demand for our products is strong and the depth and breadth of the sales
pipeline both in the UK and US markets has grown significantly. The Board is
therefore confident about continued growth and the outlook to be profitable in
the next financial year as planned.
For further information, please contact:
Focus Solutions Group plc 01926 468 300
John Streets
Claire Forrest
Citigate Dewe Rogerson 020 7638 9571
Chris Barrie
Sara Batchelor
Notes to editors:
1. Focus Solutions Group is a specialist provider of sales channel automation
for the financial services industry. The Company's products support the sale
and delivery of financial products electronically via multiple sales
channels such as the internet, extranets, direct sales and the independent
financial adviser (IFA) market place. Focus's XML-based toolkit is called
goal:technology and enables business users to quickly construct '
intelligent' data-capture and processing components. It will allow the life,
pensions, savings and investment market to significantly reduce the costs of
acquiring new business and increase the speed of delivering new products to
market.
2. Focus has sold 'goal:technology' to many of the UK life and pensions
companies including Friends Provident, Legal & General, Norwich Union, Royal
& Sun Alliance, Scottish Equitable, Scottish Provident, Scottish Widows,
Skandia, Standard Life and ZIFA. In May and June last year respectively,
Focus announced a licensing agreement with MPO Inc for a new server based
version of 'goal:technology' to be used in the North American market and a
licensing agreement with Spotlight Interactive, a leading South African
software supplier, to sell 'goal:technology' to South African insurers.
Focus has also recently launched a 'goal:technology' solution to capture
mortgage applications on-line for the mortgage market.
3. Focus has to date also partnered with four of the UK's leading
internet service providers specialising in financial products, providing
software to enable e-commerce transactions: AsssureSoft, IFAengine, The
ExchangeFS and Synaptic Systems.
This information is provided by RNS
The company news service from the London Stock Exchange
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