Interim Management Statement

RNS Number : 0021L

Gresham Computing PLC

29 April 2010

 



28 April 2010

Gresham Computing plc

("Gresham" or "the Company")

Interim Management Statement

Period 1 January 2010 to 28 April 2010

Gresham Computing plc (LSE: GHT), the specialist provider of real-time financial solutions, today announces its Interim Management Statement for the period 1 January 2010 to 28 April 2010.

Trading update

·      Revenues £1.9m for Q1 2010

·      Adjusted EBITDA profit of £0.1m and small profit before tax for Q1 2010

·      Cash increased by £0.3m in the quarter to £1.0m (£0.7m YE 2009)

·      £0.4m deferred cash proceeds receivable Q2 2010 from 2009 non-core business disposals

·      Placing proposed to raise a further £0.8m net of expenses

Operational update

·      Solid software and professional services revenues in Q1 2010

·      Good growth in cash management solution deployed by major UK bank

·      New agreement to provide a major UK company with our supply chain finance technology deployed on a partner's hosted platform

·      Several other real-time financial solution and software opportunities to work on in 2010

Board and advisor changes

Andrew Walton-Green steps down as CEO, Chris Errington (currently FD) becomes interim CEO and Rob Grubb (currently group financial controller and company secretary) becomes interim FD.

We have appointed Singer Capital Markets as broker and financial advisor.

Outlook

Despite signs that trading conditions in our chosen markets are improving, like many companies in our position, we remain cautious as to outlook.  We have modified our business plan in anticipation of a relatively slow recovery from economic recession.  It is unlikely that lengthened sales lead times will improve in the short term, but we have been encouraged by progress in 2010 so far. 

We are now confident that the restructuring completed in 2009 and customer interest in our solutions will see us delivering significantly improved trading in 2010 from a stronger and more visible financial base, building on the result from the first quarter.

Further information in respect of the group's performance and position can be found in the Annual Financial Report Announcement for the year ended 31 December 2009, announced today, and the 2009 Annual Financial Report, which is available at www.gresham-computing.com and will be sent to shareholders shortly.

- Ends -

For further information please contact:

Gresham Computing plc	[phone]
Chris Errington, interim CEO
Singer Capital Markets Ltd Shaun Dobson, Partner and Joint Head of Corporate Finance	[phone]
James Maxwell, Director of Corporate Finance

 

END

 

 

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