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Patsystems 2011 Half Year Results

July 26, 2011

DATE: 26 July 2011

CONTACTS: 

David Webber, Chief Executive
Martin Thorneycroft, Finance Director
Patsystems Plc +44 (0) 20 7940 0490

Graham Herring / Josh Royston
Threadneedle Communications +44 (0) 20 7653 9858

Michael Meade (as Nominated Adviser)
David Poutney / James Black (Corporate Broking)
Numis Securities +44 (0) 20 7260 1000


PATSYSTEMS PLC

RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2011


Financial Highlights


  • Turnover £9.7m (H1 2010: £10.0m)
  • Adjusted pre-tax profit* £0.6m (H1 2010: £1.0m)
  • Net cash inflow from operating activities for the period £1.1m (H1 2010: £1.3m). Cash balance at 30 June 2011 £8.9m (£9.2m at 30 June 2010)
  • Interim dividend increased by 10% to 0.22p per share (H1 2010: 0.2p)

* profit before tax after adjusting for restructuring costs, share option costs, marking to market of derivatives used to hedge cash flows, acquisition costs and amortisation of intangibles other than internally developed software



Operational Highlights


  • £12.5m strategic acquisition of US based equity trading systems provider Mixit Inc. 
  • 9 customers added to the Patsystems global hosted solution Patsystems XConnect with hosted revenues rising to £1.7m (H1 2010: £0.7m)
  • Recurring revenues in Asia rose 17% compared to the first half 2010
  • Sales success for exchange systems with the US based Trend Exchange selecting Patsystems as a technology partner

Richard Last, Chairman, of Patsystems, commented:

I am delighted with the acquisition of the Mixit Inc. business and the addition of new customers to our global hosted solution Patsystems XConnect during this period of strategic transition for Patsystems.


I believe that we have laid strong foundations for reducing the businesses dependence on one-off licence revenues for 2012 and beyond.

The business enters the second half of this year with a strong sales pipeline and a significantly strengthened recurring revenue base. 

The evolving business model provides an excellent foundation for organic revenue growth in 2012 as the combined Mixit Inc. and Patsystems businesses leverage the opportunities for revenue and cost synergy.”