The Board of
Lombard Risk Management plc ('AIM: LRM'), the 2nd largest global
provider of specialised software solutions that improve the management
of collateralised trading and regulatory compliance, announces today
interim results for the half year ended 30 September 2008.
Key points:
Financial results
for the half year ended 30 September 2008 have been delivered in line
with Board expectations and are prepared under International Financial
Reporting Standards (“IFRS”) as adopted by the European Union.
- Revenue
£4.01m, up 9% on same period last year (2007: £3.68m)
- Loss after tax
£0.83m, improvement of 22% on same period last year (2007: £1.06m loss
including £0.2m loss for assets in a disposal group for sale)
- Profitability
achieved by Trading and Risk business, with COLLINE® Collateral
Management software ahead of budget
- Regulatory
Compliance business STB Systems Limited restructured and renamed
Lombard Risk Compliance Limited in December 2008 and re-branding
exercise largely completed
- Consolidation
of London operations into one building, and continued reductions in
London headcount; move to larger premises in Shanghai
- 7 new contract
wins for COLLINE®
Future prospects
- Continued strong demand by banks for
collateral management products and likely further changes in bank
regulation in 2009 will create ongoing commercial opportunities despite
the global downturn
- Cost cutting measures implemented
during and after the period, including reduction in board size, should
ensure that the business is cash generative again during calendar 2009
Commenting, Chairman and CEO, John Wisbey, said:
The Group continues to forecast a buoyant sales pipeline for its
COLLINE® collateral management software. There are also a number of
regulatory software projects in the pipeline, and we are winning
contracts especially in the UK, Europe and the Far East, although there
has been some slowdown of growth in demand in the regulatory field. The
Board has sought to steer the right course between caution on costs in
the current economic environment and not damaging the future prospects
of a promising company.
The full results are available here:
Interim Results
2008
Enquiries:
Lombard Risk
Management plc:
John Wisbey
Chairman and CEO
Tel : +44 (0)20 7089 3700
Noble &
Company (Nominated Advisors)
John Llewellyn-Lloyd
Sam Reynolds
Tel: +44 20 7763
2200
Bishopsgate
Communications Ltd
Jenni Herbert
Tel: +44 (0)20 7562 3350
Click here to email Lombard Risk's
Investor Relations team
