Electronic trading software systems and solutions provider Patsystems plc (PTS.L), Tuesday, reported a surge in profit for the full year, driven by higher revenues from both existing clients and new business wins. The company also declared second interim dividend.
For the full year, profit attributable to the company was GBP 3.36 million compared to GBP 0.62 million last year. On a per-share basis, profit was 1.8 pence compared to 0.3 pence last year.
Profit on ordinary activities before tax more than doubled to GBP 4.49 million from GBP 2.07 million last year.
Adjusted profit before tax increased 7% to GBP 3.92 million from GBP 3.67 million last year. Adjusted profit excludes share option costs, marking-to-market of derivatives used to hedge cash flows and amortisation of intangibles other than internally developed software. On per-share basis, adjusted earnings improved 4.7% to 2.01 pence from 1.92 pence last year.
Revenue for the year grew 13% to GBP 22.10 million from GBP 19.63 million last year.
Trading systems revenue grew 8% to GBP 17.6 million from GBP 16.4 million last year, driven by new customers installing trading systems in Brazil, Korea, Malaysia, Singapore and Tokyo. Revenue from Exchange systems doubled to GBP 3.0 million from GBP 1.5 million a year ago.
Meanwhile, revenue from Risk Systems business declined to GBP 1.5 million from GBP 1.7 million last year, excluding the TurkDEX Risk Informer sale, which will be delivered and recognised in 2010.
Geographically, revenue from Asia Pacific improved to GBP 7.56 million from GBP 5.16 million last year, helped by a 26% growth in business with existing clients and also the winning of new business in Indonesian, Korea, Malaysia and Tokyo. Europe's revenue grew to GBP 7.79 million from GBP 6.87 million last year with 5% growth in revenues from existing clients and new wins including sales to TurkDEX and to JP Morgan. Revenue from North America dropped to GBP 6.75 million from GBP 7.59 million last year.
The Board declared a second interim dividend of 0.28 pence per share. Earlier, the Board had declared an interim dividend of 0.14 pence per share, payable in September 2009. This brings the total dividend for the year to 0.42 pence per share, 17% higher than 0.36 pence per share last year. The second interim dividend will be paid on March 19, 2010 to shareholders on the register as at February 19, 2010.
Going forward, the company expects to extend sales in new countries with additional sales in Malaysia, Indonesia and Brazil in 2010.
PTS.L shares are currently trading at 23.07 pence per share, up 2.56% or 0.57 pence on the London Stock Exchange.
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