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Share Name | Share Symbol | Market | Type |
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Melco Resorts & Entertainment Ltd | TG:MAS | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.05 | 0.93% | 5.45 | 5.35 | 5.45 | 5.40 | 5.35 | 5.35 | 6,900 | 22:50:17 |
RNS Number:2369L Marlborough Stirling PLC 19 May 2003 19 May 2003 Marlborough Stirling plc 2003 AGM statement At the Annual General Meeting of Marlborough Stirling plc to be held today, Huw Evans, Chairman and Chief Executive, will be making the following statement: Results for 2002 "2002 was a year of contrast for Marlborough Stirling; although the group underwent a major strategic transformation, our financial results fell below our initial expectations. The group was transformed by the successful completion of two key strategic initiatives - the integration of Exchange FS into our portfolio of services and strategy and securing the Sun Life Financial of Canada (SLFoC) outsourcing contract. These developments build on Marlborough Stirling's established strength in life and pensions and mortgage point-of-sale and back office administration systems. As a result of these developments, the group now also possesses the UK's leading intermediary trading platform in financial services and is able to demonstrate large scale outsourcing expertise. Our financial results reflected 65% growth in total turnover to #121.0m (2001: #73.4m) including strong organic turnover growth of 38%. However, our adjusted operating profit declined by 22% to #11.5m (2001: #14.8m). Current trading Trading in the early months of Marlborough Stirling's 2003 financial year has been reasonable but we continue to experience delays in the signing of new customer contracts. The balance of activity to date has been biased towards our outsourcing and portal services businesses although we expect activity in our software and consultancy business to increase as the year progresses. In the first quarter, outsourcing, software and consultancy and portal services accounted for approximately 50%, 35% and 15% of total revenues respectively. In outsourcing, our main focus is on completing the migration of policies from SLFoC's legacy mainframe systems onto Lamda. The migration of a further portfolio of around 50,000 policies was completed on schedule in March 2003. The final portfolio of approximately 250,000 policies is on schedule to complete migration around the end of the third quarter of the year. This outsourcing capability provides an excellent reference site and ensures we are well placed to secure similar new contracts in the future. Business review work for SLFoC has increased in the first half of 2003. Elsewhere in outsourcing, performance in the early stages of the GE Pensions contract is in line with our expectations and there have been other encouraging developments that will have a modest but growing financial effect as the year progresses. These include our selection as preferred supplier to provide our first Isle of Man based outsourcing contract, to the offshore arm of a major UK life and pensions company, using our Genesis Life software system. In addition, the recent launch of Otter Risk Solutions extends our range of outsourcing services to include underwriting and claims risk management. Our portal services business has maintained a robust performance at a time of particular difficulty for the IFA market. Revenues in 2003 to date have been higher than in the second half of 2002 but slightly lower than the comparable period in 2002. As at 30th April 2003 Exweb had 18,040 registered users (31st December 2002: 18,270). We have commenced the investment to develop Exweb into a broad service electronic trading platform. This is expected to bring longer term returns with an investment in 2003 of around #3m resulting in additional revenues from 2004 onwards. Exweb's capabilities are being extended to provide new services such as more comprehensive electronic new business processing, online product valuations, an integrated client database providing a single view of clients' personal and policy details and a single password and entry point to all participating product providers. The new service will be branded Exweb Gold and be available to IFAs at an increased subscription level. We are in the final stages of securing formal support from a number of major product providers for Exweb Gold. This support will be reflected through medium term contracts relating primarily to both quotation and electronic new business processing transaction services. Our software and consultancy business has had a relatively quiet start to the year. Although we have commenced a number of new pieces of work we have continued to experience delays in the approval of certain new contracts. We are experiencing strong interest in our recently developed straight through processing solution for life and protection products, based on the combined capability of Exweb and Lamda, and also for our Omiga mortgage software in Canada. These two examples start to show the benefit of a more focused approach to product marketing which we have introduced in the first quarter and which we expect to improve revenues in the second half of 2003. Outlook Our visibility for 2003, in terms of contracted and recurring revenue, currently amounts to approximately #95m, including over #50m in the first half of the year. Our turnover mix should develop through the year such that outsourcing, software and consultancy and portal services make full year contributions to total turnover of approximately 45%, 40% and 15% respectively. This is based on expected growth in software turnover, in part reflecting a number of instances where the group has started earning meaningful revenues prior to full contract signature. It also reflects an expected reduction in outsourcing's contribution as the year progresses as the migration phase of the SLFoC contract concludes and the completion of certain pieces of business review work. The previously announced relocation of employees based in our Halesowen office will result in approximately 50 employees leaving the group by the end of June. Further, as disclosed at the time of our 2002 final results, approximately 50 further employees are leaving the group by the half year as a result of a voluntary redundancy programme implemented as a final stage in our recent reorganisation programme. These processes are expected to lead to a reorganisation charge of around #2m in the current half year and result in annualised savings of over #3m from the second half of 2003. The outcome and phasing of earnings for the year is expected to be influenced by a number of factors. We expect somewhat higher revenues in the second half of the year than the first half and software and consultancy revenues in particular to grow as the year progresses. In addition, we expect cost reductions to enhance our financial performance towards the end of the year as the effects of our recent reorganisation and the conclusion of key aspects of our outsourcing contract for SLFoC become evident. Taken together, these factors mean that margins and profits will be biased substantially towards the second half of the year. We are confident that we remain at the heart of our clients' strategic development and look forward to delivering value to our clients, shareholders and employees based on this strong market position." For further information Marlborough Stirling 01242 547000 Huw Evans, Chairman and Chief Executive Bob Beveridge, Finance Director Citigate Dewe Rogerson 020 7638 9571 Toby Mountford 07710 356611 Alex Brown 07949 245956 This information is provided by RNS The company news service from the London Stock Exchange END AGMSFMFWMSDSELI
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