Friday, July 1, 2011

News: Revenues up at Parseq but delays in BPO activities


Parseq, which specialises in mobile and online banking software and technology-led outsourcing services, has seen revenues increase by 56%

In a trading update for the six month period ended June 30, the group reported that total revenues for the half year on a proforma basis are expected to increase by 56%, compared to the corresponding period last year, to £12m. Group profits for the six month period are expected to double to reach £1m.

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). It is the software and customer management functions that have lead to the increase in revenues.

The group reported a "softness" in the back office outsourcing activities taking place at Hellaby as a result of "delays in the closing of new sales and the flow through of resultant revenues from our back-office outsourcing activities."

The board added that it "is disappointed with the performance of the Service business and is taking the necessary steps to improve its long-term financial performance."

During the period, Parseq added O2 as a major strategic customer for their mobile banking product and in the BPO function, secured a new three-year contract with HBOS and the renewal of the Lloyds and RBS contracts. The company also launched a new hosting and managed services proposition to commercialise its Hellaby data centre facility and they expect that this will be a good earnings generator in 2012 and beyond.

The board now anticipates that Group profits for the full year ending 31 December 2011 will be below market expectations.

Parseq website



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