Investors

Half Yearly Report

Gresham Computing plc (LSE:GHT), the specialist provider of real-time financial solutions and storage solutions, announces its unaudited interim results for the six months ended 30 June 2009.

Financial Highlights

• Revenue £5.6m (H1 2008: £7.2m);

• Administrative costs reduced;

• Adjusted EBITDA loss was £0.36m (H1 2008: profit £0.04m);

• Cash at period end was £1.1m, strengthening to £1.3m at the date of these results (at 31 December 2008: £1.2m); and

• Sale and leaseback of head office completed in May 2009.

Operational Highlights

• Good progress with landmark contract win in April 2009 with a global banking group which is expected to have a material impact on future performance;

• Restructuring of Group to focus on growing annuity revenues from real-time financial solutions to be completed by end of 2009; and

• Growth of long-term annuity revenues via our banking partners.

Andrew Walton-Green, CEO of Gresham, commented, "Gresham has a number of very strong cash generative established businesses with diversified customer bases giving us a solid platform from which to build our future growth. The Board intends to complete its restructuring by the year end, refocusing the business on the markets which we believe have the largest potential, whilst matching cost and recurring income. We are pleased with the progress of the recently won global banking group project, and have visibility over a pipeline which is far greater than we first anticipated. We therefore look forward to a much improved second half."

.............  

For further information, please contact:

RNS: 28 Aug 2009