Investors
Regulatory Announcements
Preliminary results for the year ended 31 December 2007
Gresham, the specialist provider of real-time financial solutions and storage solutions, today announces preliminary results for the year ended 31 December 2007.
Alan Howarth, having steered the business through a number of key changes steps down from the Board today and Eric Sepkes joins as Chairman.
Eric, ex-Citigroup, has had a distinguished career to date and is recognised as a leading innovator in the global banking industry. He joins us to help accelerate the roll out of our unique solutions to the global finance and banking markets and further develop Gresham’s thought leadership in real-time financial solutions.
Commenting on his appointment, Eric Sepkes, Chairman, said
“I am delighted to join the Board of Gresham at this point of flux in world markets because with change, comes opportunity. We are in an age where demand for real-time information is clear and yet largely unfulfilled in many areas of both the banking and corporate markets. I am excited to be taking on this new challenge and joining a team that has a track record of innovation, development and delivery of market leading real-time financial solutions. Gresham has done the heavy lifting in getting these solutions to market and I now intend to rapidly increase Gresham’s profile and ensure that the demands for real-time financial information are met.”
Highlights:
Significant growth in cash reporting services
Successful launch of a supply chain financing solution, “Optus Early Pay”
Market acceptance of our new data storage solution
In 2007 our focus has been on building long term recurring revenues. We started 2008 with a significantly improved order book, representing around three quarters of our 2007 turnover. As a result, Q1 2008 trading performance was significantly better than the like for like period in 2007 with net cash balances at the end of Q1 2008 being broadly similar to the 2007 year end position.
Commenting on the results Andrew Walton-Green, Gresham Chief Executive Officer, said:
“Our movement from a largely licensed based sales model to selling software as a service is now starting to pay off. We made solid progress in taking our core solutions to market and we have made a solid start to 2008. I am delighted that Eric has joined Gresham. His knowledge and experience in financial markets is renowned and the whole team is excited at the opportunity to focus our attentions on fulfilling the growing demand for our solutions.”
“I would like to thank Alan Howarth on behalf of myself and the Board for his assistance over the years in steering the business through some key changes, including the launch of core technologies, and for assisting us in bringing Eric onto the Board.”
For further information, please contact:
Gresham Computing plc
Andrew Walton-Green +44 (0)20 7653 0228