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Comforting position for WMS after strong half.

Wealth Management Software yesterday told the City of its strongest first-half ever and added nearly seven per cent to its market worth, leaving it valued at just over pounds 8 million.

Updating shareholders at the company's annual meeting, chairman and chief executive Paul Newton said interim profits were ahead of expectations and the company was generating a lot of cash.

New contract wins fuelled growth, including its second in Germany, worth pounds 145,000, from Bankhaus Bauer in Stuttgart.

The deal should boost profits in the six months ending December 31. WMS will be supplying Bankhaus with its LISA fund management software package. It follows an agreement WMS reached with Lupus Alpha last year and Mr Newton hopes it will provide the group with a European business model solution that will enable it to win further orders in Germany.

The shares jumped 1 1 /4p at 19 1 /4p as WMS added that it had also won a further pounds 600,000 of development work from its existing customer PPML, whose parent company is Credit Suisse Group, to enhance its LISA pensions system.

That on top of pounds 500,000 of extra development work won from PPML in December, a pounds 3 million NHS development contract, which includes maintenance and support over four years -awarded in the same month -and a contract secured in May to upgrade the National Breast Screening System.

At its full year results in March, the Halesowen-based company said it was already at a stage where it could comfortably sit back and look forward to a good year without selling any new licences.

'This could be the strongest half-year we have had. I'm very pleased with what we have done in the first-half,' said Mr Newton. There are a lot of software companies putting out bad news out at the moment,' he added, 'but we are generating orders and the cash is coming in.'

WMS said it had cash of pounds 1.92 million on June 30, up from pounds 1.44 million at December 31 2002.

The company has over two hundred live sites using its property asset management software and LISA products .
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Title Annotation:Business
Publication:The Birmingham Post (England)
Geographic Code:4EUUK
Date:Jul 11, 2003
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