Patsystems trading update and new contract win

In a trading update, the vendor says the eleven new customer signings in 2002 are beginning to make a contribution to financial performance, with trading revenues rising seven per cent over the previous quarter. In comparison with the fourth quarter of 2002, the average number of users of the group's trading systems rose by 10% in the three months to 31 March 2003, while lots traded rose by 17% to 37 million.

Patsystems is reporting two new client orders for trading systems in the quarter, one in Europe and the other in the USA, bringing client numbers to 45. The vendor says new business channels for the current product line are expected to be "reasonably active" for the rest of the year.

The company has also announced its first customer in Thailand with an order from the Agricultural Futures Exchange of Thailand (AFET) for trading and exchange solutions technology platforms, including training and hardware. The system, which will be the first outside Japan to use the company's exchange matching engine, will go live in the third quarter and patsystems is contracted to provide support and maintenance for three years. The contract is worth approximately £1.2 million, gross of local taxes.

Looking ahead, the company says pre-marketing of the new Enterpise trading platform - scheduled for introduction in 2004 - has begun. Phase one of the project, which provides the new system architecture and represents over half of the work required to deliver the system, is approximately one-thid built. The company has moved to accelerate development and issued a revised estimate of 50-55 many-years to complete the project at a total cost of £2.4 million.

Finally, in recognition of the commercial opportunities available in the US, patsystems has appointed Patrick Kenny as managing director and officer - North America.