Trading Update

RNS Number : 2175U

Focus Solutions Group PLC

12 October 2010

 



Press Release

12 October 2010

Focus Solutions Group plc

("Focus" or the "Group")

Trading Update

Focus Solutions Group plc (AIM:FSG), a leading provider of multi-channel distribution software to the global financial services industry, is pleased to announce that it has performed ahead of expectations in the first half of the year, delivering increased revenues and improved profitability.  Sales for the six month period to 30 September 2010 are expected to be approximately £5.4 million, an increase of 25% over the same period last year, with operating profit of over £1.1 million 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 £10 million over the next two years and up to £20 million 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.  The Group enters the second half of FY2011 with its strongest ever order book and a strong pipeline.

In addition, the benefits of the Coaching Platform acquisition in December 2008 are beginning to be realised, with the focus:progress product generating £0.5 million of licence sales in the period.

The Board attributes the Group's strong growth to the increasing focus on regulation and customer service within the financial services sector.  By supporting banks' efforts to achieve compliance and improve the overall consumer experience, Focus is driving turnover and winning significant contracts with some of the world's largest financial services companies.  

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."

Alastair Taylor, Chairman of Focus Solutions commented: "This is an excellent performance from the Group.  We have seen further evidence of the successful re-positioning of Focus Solutions as a product company; deriving a significant proportion of our revenues from high margin license fees, across a range of clients and demonstrating that focus:360° has become the strategic, multi-channel distribution platform of choice for leading financial services organisations."

The Group will be announcing its Interim Results on 7th December 2010.

- Ends -

For further information:
Focus Solutions Group plc
Richard Stevenson, Chief Executive	Tel: [phone]
Martin Clements, Finance Director	www.focus-solutions.co.uk
finnCap
Marc Young / Charlotte Stranner	Tel: [phone]
Simon Starr (broking)
	www.finncap.com
Media enquiries:
Abchurch
Heather Salmond / Joanne Shears / Mark Dixon	Tel: [phone]
[e-mail]	www.abchurch-group.com

Notes to editors:

About Focus Solutions Group plc

Focus Solutions is an established and proven supplier of multi-channel distribution solutions to the global financial services industry.  

Focus has delivered over 100 complex front office projects with multiple integration points and partners to a blue chip client base including 8 out of the top 10 UK Life & Pension providers, a number of leading bancassurers including the likes of HSBC and Bank of Ireland, significant wealth management players such as St James's Place and a number of mortgage providers.  The technology truly enables straight through processing whilst providing an engaging client and adviser experience to submit and service business electronically. 

focus:360° is at the core of all client implementations providing a single, agile, multi-channel technology platform.  Focus has brought together three key areas of expertise: software, consultancy and service delivery. This totally integrated approach means clients can distribute any product across any channel. At the same time they can maintain an enterprise-wide view of the customer value and risk.

For further information on Focus, please visit www.focus-solutions.co.uk

 

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