Wednesday, 5 August 2009

Asia-Pacific shines for Patsystems

(By Philip Carnelley, 5 Aug 2009, 18:40) The AP region was the shining star in Patsystems’ interims to 30 June. Overall, the AIM-listed derivatives trading and exchange systems provider reported turnover up 15% to £9.5m, with an operating profit of £1.4m (H1 2008: loss £0.1m). Recurring revenue accounted for 95% of turnover.

This is the third UK software company to mention AP as a good opportunity this week – the others being SDL and Fidessa. In Patsystems’ case, the AP region accounted for almost all its growth: revenue was up 43% in AP — compared to 4% in Europe and 5% in the US — and is now 34% of total t/o. Note that all these figures will include currency movements. Without currency effects (which weren’t stated) we reckon that revenue would have fallen in the US and probably in Europe, but the AP growth remains impressive. This looks set to continue: the company points to “continued success” in Malaysia, a new market for the company, as well as recent sales in Indonesia and Singapore. It is also looking to South America, particularly Brazil, for further expansion.

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