Business
Trading Update
Trading Update.
About this update from Foresight Group Holdings Ltd.
[{"type":"text","content":"\n RNS Number : 2175U Focus Solutions Group PLC 12 October 2010 \n \n\n \n \n\n\n\n\nPress Release \n\n\n12 October 2010\n\n\n\n\n \n \nFocus Solutions Group plc\n \n(\"Focus\" or the \"Group\")\n \nTrading Update \n \n \nFocus 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. \n \nNew 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.\n \nIn 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. \n \nThe 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. \n \nRichard Stevenson, CEO of Focus, commented: \"Following our recent contract wins with three of the world's largest retail banks, our transf...