(By Richard Holway 9.00am 8th Apr 09) We don't usually cover contract wins unless they are exceptional like the ID project news yesterday. But sometimes relatively small wins in £ terms can be highly significant to the firm involved. Yesterday Lombard Risk Management, run by Chairman and CEO John Wisbey, announced a £1m pa contract with 'a large German bank" for its collateral management software product COLLINE. It's significant to Lombard because it represents more than 10% of their revenues. Wisbey described it as a 'tipping point'. Indeed, it was extremely well received by the market which sent the shares up over 30% yesterday on the news.
Lombard reported revenues up 9% at £4m but a loss of £830K in the six months to 30th Sept 08. We had long suggested them as a likely consolidation target - if the price was right! Contract wins like this can often act as a catalyst to such moves.
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