26th May 2016 11:30
LONDON (Alliance News) - Lombard Risk Management PLC, which helps financial services companies with regulatory reporting and collateral management, on Thursday said it swung to a full-year loss, as revenue growth was more than offset by
The company made a GBP2.2 million pretax loss from continuing operations in the year ended March 31, versus a pretax profit of GBP2.3 million a year earlier. Revenue grew by 10% to GBP23.7 million from GBP21.5 million, more than offset as administrative expenses rose to GBP25.7 million from GBP18.9 million.
The loss was due to "one-off" costs which include impairment of software no longer marketed as well as the impact of changes such as Lombard's strategic review leading to explicit focus on two core product areas, and the launch of AgileREPORTER.
"Significant investment in our products and team, coupled with a key strategic relationship with Oracle, put Lombard Risk in a position of strength. With a leadership team in place that can deliver those plans we look forward to continue helping our clients to reduce the cost, complexity and constraints of trading in today's markets," Chief Executive Officer Alastair Brown said in a statement.
Shares in Lombard were up 2.3% at 9.85 pence Thursday.
By Samuel Agini; [email protected]; @samuelagini
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