Wednesday, October 5, 2011

News: Parseq to support services business


The board of Parseq, which specialises in mobile and online banking software and technology-led outsourcing services, has published their half yearly results whilst they still consider a bid led by the company's own CEO.

Parseq was created last year following a successful reverse takeover by CEO Rami Cassis and Rotherham-based BPO provider, Documetric.

Results for the six months ended 30 June 2011 show that revenue for the period was £12.1m up from £5.2m for the corresponding period last year. The 134% increase was mainly due to strong performance in their software division due to new contract wins including a major mobile banking contract with O2.

The board added that the services division, which includes the Hellaby BPO facility in Rotherham had a disappointing first half performance but that it remains profitable and was cash generative at the operating level.

The period also saw Parseq launch a data centre at Hellaby and the first customer has been secured. The board hope that this will be a very attractive new area of business for us, creating a new revenue stream from a previously underutilised asset.

Richard Last, chairman at Parseq said: "We will continue to support the development of the Services business. We have taken necessary remedial actions over the past few months to develop a stronger management team with a more focused business. This means we go to market with clearly defined, standardised, replicable platforms that can deliver profitable growth in key areas of our core markets.

"There is also considerable opportunity to exploit the potential of the data centre which should support further revenue and profit growth."

He added that a due diligence exercise currently being undertaken regarding the bid being led by Rami Cassis.

Parseq website


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