Parseq, the financial services outsourcing and mobile banking group, reported that Interim results to June 2011 showed sales of £12.1 million (2010: £5.2 million), adjusted operating profit of £1.0 million (2010: £1.0 million), pre-tax loss of £256,000 (2010: £311,000 profit) and adjusted EPS of 0.16p (2010: 0.3p). The results include an exceptional charge of £311,000 (2010: £78,000 charge) and amortisation of acquired intangibles of £837,000 (2010: £328,000).
The company reported that the results comprise BPO (Business Process Outsourcing) sales of £8.3 million (2010: £5.2 million) and adjusted operating profit of £664,000 (2010: £1.0 million), and Software sales of £3.8 million (2010: £2.7 million) and adjusted operating profit of £943,000 (2010: £(76,000)).
Software established three new channel partners during the period, followed by TSYS in September. Within BPO, sales comprised Documetric £4.4 million (2010: £5.2 million) and Avance £3.9 million (2010: £nil).
A combination of business wins and changed management is expected to lead to improved performance in H2 and 2012; period end net debt was £5.2 million. The board firmly believes that the group has considerable opportunities for growth.
The PSQ share price has decreased by 2% over the last year.
Parseq Plc is currently graded b by LCF Research. To learn more, follow the link.
