Total Systems PLC

Interim Management Statement

RNS Number : 7256G
Total Systems PLC
05 February 2010
 



 

5 February 2010

 

Total Systems plc - Q3 Interim Management Statement          


Total Systems plc ("the Company") suppliers of cost effective and flexible software systems to the financial services industry, primarily in the insurance and warranty sectors is pleased to provide its Interim Management Statement for the quarter ended 31 December 2009.

 

Although the Company's trading over the period from 1 October 2009 to 31 December 2009 was much improved over the first two quarters in the current financial year it included turnover of a non recurring nature.  This contributed significantly to turnover for the third quarter resulting in an operating profit being achieved but business continues to be very weak with prospects taking longer than normal to convert to sales.

 

Based on current information, activity in the final quarter is likely to be extremely fragile and difficult to forecast with any accuracy. The Directors believe that turnover for the financial year ending 31 March 2010 is likely to be significantly less than for the prior year. The medium term is even more difficult to predict with the outlook very uncertain.  How long the current economic situation will last is debatable but, in our opinion, the severity of the downturn should not be underestimated.  In these circumstances it is not possible to give any reliable guide as to future prospects.

 

Our asset base remains in good shape as the Company has always maintained a strong balance sheet as a counter to the inherent uncertainty and risks of technology markets. In the current turbulent economic climate this policy stands us in good stead. Our financial position remains healthy with no debt and improved cash balances to support operations. The Company owns its office premises outright and we are well placed to cope with the continuing difficult market conditions.

 

 

Terence Bourne and Granville Harris, the Company's chairman and finance director respectively will be available to take enquiries by telephone on 020 7294 4888.


www.totalsystems.co.uk

 

For further information please contact

 

Terence Bourne, Chairman, Total Systems plc                                   020 7294 4888

 

Granville Harris, Finance Director, Total Systems plc                         020 7294 4888


This information is provided by RNS
The company news service from the London Stock Exchange
 
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