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Financial Objects

Companies: FIO   
10/09/1999

Banking software group Financial Objects, which only listed in December of last year, is thoroughly enjoying its maiden year on the London market. In August it acquired Global Financial systems for £10m (in cash and shares), a move which should prove earnings enhancing given the synergies and potential cost savings between the two groups. The recently released interim results also demonstrate the strength of trading at FO. Turnover lifted slightly to £10.7m but the pre-tax line improved 67% to £2.65m. A healthy forward order book prompted management to claim they were 'optimistic' about future prospects. The shares, placed at 230p, are now trading at 307p.

Market cap: £115m
Share price: 307p

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