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Interim Results

Gresham adjusted earnings rise

24 August 2016 07:47

Gresham Computing's total revenues rose 10% to £7.8m in the six months to the end of June with revenues from its award-winning Clareti software platform up 46% at £3.2m.

Total recurring revenues rose 16% to £4.3m with Clareti up 47% at £1.3m (H1 15: £0.9m). Adjusted EBITDA rose by 28% to £1.5m and investment in sales & marketing increased by 45% to £1.6m.

The group had cash of £3.9m and no debt (30 June 2015: £4.0m and no debt).

Gresham signed six new customers in H1 16, including three in the US.

Chief executive Ian Manocha said: "Gresham is creating a global financial technology business based on high-margin Clareti licence sales, sustainable recurring revenue subscriptions and cloud services.

"Clareti sales opportunities are progressing positively in all target regions following the Group's investment in sales and marketing. The Group now has experienced sales staff in the UK, Western Europe, Singapore, Australia & the US and is encouraged by the strengthening pipeline and customer wins. We expect to add several new high quality Clareti customers to our base in the second half of the year.

"The board remain confident with the strategy of Clareti-led growth and are excited by the growing market opportunity available and the outlook for the group."

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