Focus Solutions
NO RECOMMENDATIONAlthough many financial software developers have issued poor trading statements over the past month, Focus chairman Richard Jephcott claimed the group had 'bucked the trend' by delivering a set of interim results that 'demonstrated rapid progress'. Turnover during the period to September was £828,000, more than the group achieved in the previous 12 months. The pre-tax loss was also significantly higher, running up to £1.2m, against £1.0m in the previous year. The loss, however, was well within expectations. Highlights of the period included the expansion of the group's customer base. According to Jephcott, 66% of the UK's leading life and pension companies now employ the company's services in one capacity or another. Latest additions included the likes of Zurich IFA and Scottish Mutual. The group's 'Goal' product is also ready to be marketed to the mortgage sector and the first phase of Focus' advance point-of-sale system was delivered. The forecast for the full year to March 2001 is for Focus to lose around £2.0m on sales of £2.1m. Profitability is expected to come in 2002 when house brokers Beeson Gregory expect the group, which currently has a cash pile of £8.8m, to achieve profits of £1.0m on sales of almost £7.0m.
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Market cap: £55.9m
PE Forecast: n/a
Share price: 223p
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