News: Parseq report on milestone year
Parseq, a leading provider of technology led turnkey outsourcing solutions and mobile and online banking software, has reported their financial results for the year ended December 2010.
Parseq was created last year following a successful reverse takeover by Rami Cassis and Rotherham-based BPO provider, Documetric.
Since the reverse takeover in July 2010, the new group has been operating as two separate functions - software (through IE, the company they bought) and services (Documetric plus another acquisition – Avance)
Revenue for the year was £16.45m, an increase of 62% on 2009 (£10.17m) and a world away from a modest £1.8m in annual revenues in 2007. Normalised profit before taxation was £3.7m, compared to £2.9m in 2009 but operating profit was £1.4m compared to £2.3m in the previous year.
Revenue from the services side of the business increased by 32% to £13.42m. The Avance business accounted for £3.44m but the original Documetric business had marginally lower turnover compared to 2009, largely due to delays in new business wins. However, Parseq won several contracts that began in recent months and announced recently that it had signed a new multi-million pound outsourcing contract with the Lloyds Banking Group, the largest retail bank in the UK.
The report also highlighted they are investing in new Optical Character Recognition systems and a data centre at Hellaby to improve efficiencies and increase capability. The board expect that the launch of the Data Centre proposition later this year will make a positive and growing contribution to results in 2012 and beyond.
Rami Cassis, CEO at Parseq described 2010 as "a milestone year" with the reverse acquisition described as a transformational deal. He said: "Parseq has developed size and critical mass quickly, having grown from a modest £1.8m in annual revenues in 2007 following an MBO. The rationale of the operating structure is to drive organic growth through a focused organisation whilst encouraging close co-operation in order to maximise deal size and recurring revenues.
"The focus on recurring revenues is particularly strong with an in excess of 50% of total revenues being defined as recurring today."
He also outlined the group's strategy for growth based on organic growth, further acquisitions, investments in technology and expanding overseas revenue.
Parseq has 600 staff across three sites in the UK. From their Hellaby facility, the company provides a wide range of value-add services, from payments and applications processing, through inbound and outbound voice services, to business intelligence and data analytics. It services a blue chip client base which includes Barclays, British Gas, British Energy, BP, Deutsche Bank, FedEx, Johnson & Johnson, Lloyds Banking Group, National Australia Group, HSBC, Orange, RBS Group, Santander, Shell, and Vodafone.
Parseq website
Parseq was created last year following a successful reverse takeover by Rami Cassis and Rotherham-based BPO provider, Documetric.
Since the reverse takeover in July 2010, the new group has been operating as two separate functions - software (through IE, the company they bought) and services (Documetric plus another acquisition – Avance)
Revenue for the year was £16.45m, an increase of 62% on 2009 (£10.17m) and a world away from a modest £1.8m in annual revenues in 2007. Normalised profit before taxation was £3.7m, compared to £2.9m in 2009 but operating profit was £1.4m compared to £2.3m in the previous year.
Revenue from the services side of the business increased by 32% to £13.42m. The Avance business accounted for £3.44m but the original Documetric business had marginally lower turnover compared to 2009, largely due to delays in new business wins. However, Parseq won several contracts that began in recent months and announced recently that it had signed a new multi-million pound outsourcing contract with the Lloyds Banking Group, the largest retail bank in the UK.
The report also highlighted they are investing in new Optical Character Recognition systems and a data centre at Hellaby to improve efficiencies and increase capability. The board expect that the launch of the Data Centre proposition later this year will make a positive and growing contribution to results in 2012 and beyond.
Rami Cassis, CEO at Parseq described 2010 as "a milestone year" with the reverse acquisition described as a transformational deal. He said: "Parseq has developed size and critical mass quickly, having grown from a modest £1.8m in annual revenues in 2007 following an MBO. The rationale of the operating structure is to drive organic growth through a focused organisation whilst encouraging close co-operation in order to maximise deal size and recurring revenues.
"The focus on recurring revenues is particularly strong with an in excess of 50% of total revenues being defined as recurring today."
He also outlined the group's strategy for growth based on organic growth, further acquisitions, investments in technology and expanding overseas revenue.
Parseq has 600 staff across three sites in the UK. From their Hellaby facility, the company provides a wide range of value-add services, from payments and applications processing, through inbound and outbound voice services, to business intelligence and data analytics. It services a blue chip client base which includes Barclays, British Gas, British Energy, BP, Deutsche Bank, FedEx, Johnson & Johnson, Lloyds Banking Group, National Australia Group, HSBC, Orange, RBS Group, Santander, Shell, and Vodafone.
Parseq website
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