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Wednesday 10 October 2018

Gresham rebuilding confidence

logoThe management of Gresham Technologies is beginning the process of rebuilding confidence after the July announcement of a slowdown in growth in its flagship Clareti offering and problems in its Australian sub-contracting business, see here. The share price is 20% below the level in July.

Today’s nine-month trading update for this specialist provider of real-time transaction control and enterprise integrity solutions celebrates the signing up of five new Clareti customers (including three in the US). Several customers have upgraded their subscriptions as usage expanded within their organisations. Gresham has also signed a fintech partnership agreement with a major Asia-Pac bank to help deliver new generation banking solutions. The growth rate of Clareti revenues has perked up a little, to 16%, and the company is working hard to convert a number of opportunities. As presaged in the half year figures, on-boarding these new customers on schedule will be important in determining the full year outcome.  It would also boost the level of confidence with which the company enters 2019.

Elsewhere in the Group, the Gresham Cash Management Solutions business (formed around the newly-acquired B2 business) looks to have hit the ground running with two new subscriptions and one upgrade for the Clareti Multi Bank proposition. Gresham management see potential gains in share of wallet across the Group’s customer base as this unit gathers momentum. The legacy businesses also look under control and, with good revenue visibility, unlikely to generate any new surprises.

The next key test will obviously be the full year results and management will be keenly aware of the need to continue to deliver on this Group’s significant potential.

Posted by Peter Roe at '08:44' - Tagged: software   financialservices   legacy  

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