Wealth Management Software plc (“WMS”), the West Midlands based software developer and supplier of integrated software products to the financial services, health and property markets, announces preliminary results for the year ended 31 December 2003.
- Turnover of £7.3m (2002: £11.0m) reflecting withdrawal from low margin and loss making activities;
- Operating profit before goodwill increased 22% to £0.29m (2002: £0.24m)*;
- Profit before tax was £0.005m (2002: loss of £1.1m);
- Operating charges, before exceptional charges, realigned with market conditions and reduced by 34%*;
- Pre tax profit before exceptional charges and goodwill amortisation was £0.50m (2002: £0.56m)*;
- Earnings per share excluding exceptional items and goodwill amortisation up 1.5% to 1.38p (2002: 1.36p as restated);
- Cash increased to £1.52m (2002: £1.45m);
- Major development project for the NHS went live during the year;
- Further development work carried out to enhance capability of LISA® software and extend the product offering to support Self Invested Personal Pensions and Performance Measurement;
- New orders for LISA® software signed in April 2004 worth in excess of £0.5m.
On outlook, Paul Newton, Chairman said:
"We believe that there will be strong interest for LISA® in the pensions market following confirmation by the government of changes in pensions legislation and we have a newly developed suite of software as part of our LISA® product to meet the needs of this market.
We expect to attract further interest in Germany from our new European Private Client Management system and early indications are good for further prospects for our LISA® product in South Africa."
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