Focus Solutions on track despite profit slip

1st Dec 2009 09:46

Focus Solutions took a tumble today as a 12% slip in half-year revenue disappointed, but the financial services software supplier remains optimistic about hitting full year targets.Profit before tax for the six months ended 30 September fell to £151,000 from £741,000 a year ago as revenue dropped to £4.3m from £4.9m in 2008. Chief executive Richard Stevenson admitted that difficulties in the UK financial services market have had an impact on business in the short term.The profit dip was blamed on the timing of securing certain contracts, but Stevenson says that as the pipeline converts "the board remains confident that we will meet full year expectations for both revenue and profit". Focus, which still does most of its business with bancassurers and wealth management firms, told ShareCast that three deals expected to complete during the period had slipped into the second half.One of those was with long-time client HSBC. Phase two of Focus's work with the banking giant was completed in the summer, but is still in the process of agreeing phase three.Stevenson says there's also real interest in the group's products outside the UK - in the Nordic region and Central and Eastern Europe - where interest should convert into revenue towards the latter part of this financial year and the start of next year.