Parseq, the provider of mobile and online banking software and Business Process Outsourcing services, announced its interim results for the six months to the 30th June 2010. The results represent those of Intelligent Environment's business before the reverse takeover by Documetric Ltd. in July to form Parseq.

Parseq announced that revenues for the period were down 13% to £2.7m (H1 2009: £3.2m) due to the cancellation of the Chelsea Building Society NetFinance contract post its merger with the Yorkshire Building Society, and consultancy project deferrals into H2. However, recurring revenues were up 18% for the period compared to H1 2009, driven by strong performance post launch of the Orange credit card and significant volumes for National Savings & Investments - 40% of revenues are now recurring.

The Company overall posted an adjusted operating loss for the period of £0.2 million driven by the shortfall in consulting revenues (which are expected to contribute to H2, however) and further investment in Group infrastructure. Although not consolidated, results for the Documetric business had sales of £5.2 million and a pre-tax profit of £700,000.

Management reports that although it needs to deliver a few deals that are currently closing in order to achieve its 0.98p EPS forecast for the year to December 2010, it is optimistic that this will happen.

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