Interim Management Statement

 

TIDMTTS 
 
RNS Number : 7256G 
Total Systems PLC 
05 February 2010 
 

 
5 February 2010 
 
Total Systems plc - Q3 Interim Management Statement 
 
Total Systems plc ("the Company") suppliers of cost effective and flexible 
software systems to the financial services industry, primarily in the insurance 
and warranty sectors is pleased to provide its Interim Management Statement for 
the quarter ended 31 December 2009. 
 
Although the Company's trading over the period from 1 October 2009 to 31 
December 2009 was much improved over the first two quarters in the current 
financial year it included turnover of a non recurring nature.  This contributed 
significantly to turnover for the third quarter resulting in an operating profit 
being achieved but business continues to be very weak with prospects taking 
longer than normal to convert to sales. 
 
Based on current information, activity in the final quarter is likely to be 
extremely fragile and difficult to forecast with any accuracy. The Directors 
believe that turnover for the financial year ending 31 March 2010 is likely to 
be significantly less than for the prior year. The medium term is even more 
difficult to predict with the outlook very uncertain.  How long the current 
economic situation will last is debatable but, in our opinion, the severity of 
the downturn should not be underestimated.  In these circumstances it is not 
possible to give any reliable guide as to future prospects. 
 
Our asset base remains in good shape as the Company has always maintained a 
strong balance sheet as a counter to the inherent uncertainty and risks of 
technology markets. In the current turbulent economic climate this policy stands 
us in good stead. Our financial position remains healthy with no debt and 
improved cash balances to support operations. The Company owns its office 
premises outright and we are well placed to cope with the continuing difficult 
market conditions. 
 
 
Terence Bourne and Granville Harris, the Company's chairman and finance director 
respectively will be available to take enquiries by telephone on 020 7294 4888. 
 
www.totalsystems.co.uk 
 
For further information please contact 
 
Terence Bourne, Chairman, Total Systems plc 
020 7294 4888 
 
Granville Harris, Finance Director, Total Systems plc 
020 7294 4888 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
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