-Terms agreed for recommended all share offer from Financial Objects comprising 1 new Financial Objects share for every 4 WMS shares valuing each WMS share at approximately 11.5p and the whole of the issued share capital at approximately Â£5.6 million
-Turnover; Â£6.1m (2003: Â£7.3m);
-Operating profit before goodwill amortisation; Â£194,000 (2003: Â£290,000)*;
-Cash position at 31 December 2004; Â£1.55m (2003: Â£1.52m). Net funds of Â£0.14m (2003: Â£1.52m);
-Earnings per share excluding operating exceptional items and goodwill amounted to 0.66p (2003: 1.38p);
-Three acquisitions made during year; Fairs plc, the property management software business of GVA Grimley and Genisys Technology Ltd;
-Four new contracts awarded for LISA system
* See note 6 for the reconciliation of unaudited statutory to unaudited non-statutory results
On outlook, Paul Newton, Chairman said:
"The Group has consolidated its position in the Financial Services, Property and Health sectors through careful cost control and it has enhanced this position through its strategic acquisitions which will add new customer bases and enhanced product offerings.
"The case for consolidation of smaller companies within the software sector is clear, as margins continue to reduce and the time required to secure contracts increases. A combination of WMS and Financial Objects will see more opportunities open up to the larger entity because of its greater size and presence and because of its enhanced product set providing full private banking facilities. In addition, in consolidating two similar companies a large proportion of the head office costs can be saved."