Parseq, the financial services outsourcing and mobile banking group, announced final results to December 2010. The group achieved sales of £16.4 million (2009: £10.2 million), adjusted operating profit of £3.7 million (2009: £2.85 million), pre-tax profit of £718,000 (2009: £1.8 million) and adjusted EPS of 0.814p (2009: 0.952p). The results include exceptional charges totalling £1.2 million - mostly related to Documetric aquisition costs (2009: £108,000 credit) and amortisation of acquired intangibles of £1.0 million (2009: £656,000). The year end net debt was £4.2 million.

Parseq reported that had the acquisitions been in place for the full year, sales would have been c.£24 million, comprising Services £18.1 million and Software £5.9 million. Recurring income represents c.50% of total sales. NetFinance now has c.500,000 users on the platform, an increase of 100% on 2009. Key product development areas include mobile banking (Mobinetic), online debt collection, optical character recognition, hosted dialler and data analytics,hosting and managed services.

Barclaycard has been awarded Payments Innovation of the Year at the Financial Sector Technology Awards 2011 for its Orange Credit Card iPhone application which runs on Parseq's mobile banking platform, Mobinetic.

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