Financial Objects Share Discussion Threads

[affc21] 05/10/2007 14:46

Rivaldo - your probably correct in your assumption, on Selftrade you can only buy in a maximum Size of 16,667

[rivaldo] 05/10/2007 14:33

The quoted spread has now gone from 45p-46p a few days ago to 45p-50p now! A shortage of stock perchance and consequently a desire to minimise buying?

[glasshalfull] 04/10/2007 15:53

Agree rivaldo, strange timing in release of the licencing news.

As I type the offer has moved up again....now 49p.

Anyway, patience required (as usual).

Regards,
GHF

[rivaldo] 04/10/2007 15:37

Up on the offer at least. Yesterday's contract RNS was a lost opportunity, at least to get the share price moving forward in the short-term. Perhaps another bus will be along in a minute!

[rivaldo] 03/10/2007 19:06

GHF is ahead of the game as usual....but why oh why did they have to release it AFTER the market had closed?!!



Absolutely no need - they could have embargoed it from publication till 7.00 tomorrow morning.

Good news anyway. The valuation here is absurd imho.

[drunker50] 03/10/2007 17:11

Melody, can't fault your timing.

[glasshalfull] 03/10/2007 15:41

Press release from the company today.



03 Oct 2007

Chinatrust Commercial Bank licences Financial Objects' ibis s2 Internet Banking


ibis s2 Internet Banking to deliver cost efficiencies and increased customer satisfaction

Stand G17, Sibos, Boston, 3 October 2007 - Financial Objects, a leading provider of advanced technology solutions for banking, wealth management and energy, has today announced that Chinatrust Commercial Bank (CTCB) has licensed its ibis s2 Internet Banking solution to provide internet banking services to its retail and corporate banking customers. The deployment of the internet banking service at CTCB's New York branch will give customers real-time access to their accounts 24/7 and allow them to carry out transactions in a secure and controlled environment that delivers efficiencies for CTCB and its customers.

An existing ibis customer, CTCB chose the multilingual Internet Banking module from Financial Objects after considering a number of other market offerings. The software's compatibility with CTCB's existing ibis system means that no major upgrades or modifications are necessary.

This internet banking functionality will allow CTCB customers to view account balances and monitor activity in real-time and to make funds transfers, standing payments, deposits and currency transactions. ibis s2 Internet Banking also gives customers the option to work offline to prepare requests and payments before authorising and transferring the items to the bank.

Once live, ibis s2 Internet Banking will also record CTCB customer requests for a range of processes that include: bank account opening; information requests; overdraft and credit applications; advising the bank of changes in personal details; and issuance requests for bankers' acceptances or letters of credit.

From a security perspective, ibis s2 Internet Banking will meet the FFIEC requirement for multi-factor authentification. CTCB has selected certification through a Certificate Authority which requires customers to have a specific key for digital certification and PIN identification. ibis s2 will interface with the certification technology to ensure a secure authentication process is followed before payments can be completed. Following authorisation, straight-through-processing will be applied to all payments.

"Our solution will give CTCB a secure environment for internet banking, as well as delivering cost efficiencies by fully automating online transactions," said David Carruthers, group development director at Financial Objects. "CTCB's internet banking service, which will fully reflect the bank's corporate branding, will also increase contact opportunities with customers, and allow the bank to further enhance customer service."


Regards,
GHF

[melody9999] 02/10/2007 08:26

in this morning guys - cheap and won't get much cheaper IMHO

[glasshalfull] 26/9/2007 18:48

affc21 - Thanks for kind words and info of the press release.

Conducted quite a bit of further research and retain the same conclusion, I believe these to offer fantastic value at the current price.
Unlike quite a few other "bargains" in the small cap arena, FIO have considerable net cash and strong cash generation, not to mention the multitude of other positives I detailed a few posts back.

Kind regards,
GHF

[equity maestro] 26/9/2007 16:00

Obviously a seller who needs clearing out before we can move up. Keeps binning at 45p - assume an RNS will be forthcoming re: changes in institutional holdings. Unclear why they would sell though; perhaps they need the funds for something else.

[affc21] 26/9/2007 15:20

Press info below as regards Financial Objects and the systems consolidtion within the NHS Breast Screening programme:



E-HEALTH INSIDER

NHS Breast Screening Programme consolidates systems
24 Sep 2007

The NHS Breast Screening Programme (NHSBSP) has replaced four different systems it previously used with a single National Breast Screening System (NBSS).

Benefits of the new system include making it easier for NHS staff to making and change appointments and clinicians are able to enter data directly using the software.

The new system, provided by Financial Objects and InterSystems, has been deployed across all 90 screening offices in England with 1000 NHS staff using the software.

NHSBSP uses the system to help ensure it can offer all women aged between 50 and 70 routine breast screening appointments, and more easily provide reports to the DH on the performance of the national screening programme.

The national breast screening programme began in 1988 but previously used a multi-screen system that was difficult to report against Department of Health targets. The new single-screen system, however, is easier to use and allows reports to be created in minutes.

Sarah Cush, assistant director of NHSBSP, said: "The NHS Breast Screening Programme is continually looking to take advantage of developments in new technology. The upgraded NBSS system enhances the quality and efficiency of the service we provide to women, by making data more accessible and improving the reporting facilities for staff."

Using Crystal Reports, managers are also able to easily extract data and present it in reports to the government. Solomon said this "now takes minutes rather than hours."

David Solomon, NBSS project manager for Financial Objects, told E-Health Insider: "NBSS wanted to rid themselves of the four different applications they were using in favour of a national system, keeping the same functionality, but a system that will bring the service into the 21st century and would be less time-consuming than before.

Soloman said the said making and changing appointment information is far easier with the new system. "Clinicians can also enter data directly into the system, and appointments can be prompted using queries to ensure that NHSBSP are meeting their DH targets for inviting women to have their breasts screened every three years."

Development work on the project began in early 2004 and has included migrating different databases using Intersystems Cache technology. Data was imported from Connecting for Health's MEDIFACT database, which is updated on a daily basis.

Solomon said: "We obtained the national database of women from CfH to ensure that any woman who needs to be invited is, and by re-writing the code, we managed to get it accommodated into the Caché solution and have it available for any authorised breast screening staff member to look at.

"Since completing, we have also been able to extend the technology so that clinicians can enter details directly into the system from any location by connecting to the NBSS network, so admin staff do not have to reenter paper files anymore, and a record is obtainable three years down the line when the patient is recalled."

The system also supports the use of barcode scanners and touch screens for rapid data entry by clinicians.

The contract for NBSS has recently been extended to run until March 2010 and Financial Objects are in talks with the National Programme on a weekly basis as to how to extend this in line with plans for NPfIT.

They are also looking at developing generic interfaces to work with PACS being fitted in by the programme to obtain digital mammography images from the systems and attach to records used by the service.

Feedback has been very positive on the system and Financial Objects say they are continuing to work on enhancing the system.

"This application is critical to ensure women are checked for breast cancer or other related problems. The system helps to minimise delays and ensure that patients are seen when they should be seen. We are proud to be involved in this project," said Solomon.

For more information see the InterSystems case study PDF by clicking Case Studies at the top of the home page.

[affc21] 23/9/2007 15:40

Glasshalfull - Thanks for sharing the content's from the company email, helps to reassure my recent buying decision here.

Also a very informative (post 77) analyses as regards FIO.

All very much appreciated.

[papalpower] 23/9/2007 11:20

Thanks for sharing that GHF !!

[glasshalfull] 23/9/2007 11:17

I think it worthwhile reiterating my views on the pro's and con's of the company as I first detailed in post 38 (5/9/07), which was my initial take on release of the Interim Statement from FIO....especially seeing that the shareprice has fallen approx. 25% since !!!

Edison have 6.4p and Evolution 6.2p EPS pencilled in for the current year to 31 Dec 2007.
At 46.5p they are currentently on a PER of 8.6, which will drop to 7.3 or 7.5 PER if either Edison or Evolution's forecasts are achieved for 2007.

Excellent value IMHO.

-------------------------------------------------------------------------------------
Positives:-

* Adj. EPS +38%
* PBT +46%
* Strong cashflow of £1M (Net cash inc. to £3.7M)
* Op. Profit margin inc from 10% to 13%
* 39% recurring support revenue
* Tax losses of £8M available to offset against future profits
* Energy Division - going great guns (22% margins)..."market for credit risk systems in the energy trading sector is buoyant."
* Wealth Management - Revenue +80% and positive Op. margins, a creditable perfomance with added note that, "A number of new clients have been signed and we are close to signing others."
* Outlook notes "We are also pleased to announce that we concluded contracts in August with a major US power utility." - a very reassuring development IMO.

They conclude by saying that they have a solid pipeline of potential sales in all divisions....ORDER BACKLOG £13M.


Negatives:-

* Organic sales growth 9% (I was looking for slightly more although the growth in the Energy Division was excellent and overall offset by the decline in the banking Division)
* Onto the Banking Division, which was the main (and only ?) concern.
Decline in revenue due in part to "...a lower than planned conversion of prospects."
Op. margins also dropped from 24% to 19%. The Division was also up against a particulary strong H1 2006. Overall this Division produced a disappointing performance.


Conclusion

A good set of results with the exception of the difficulties experienced within the Banking Division - decline of £1.2M in revenue, which has been more than offset with the decent growth of Wealth Management and excellent growth and prospects of the Energy Divisions.

The strong cashflow and decent cash balances suggest that there remains considerable scope for upside, although it may take slightly longer for the market to recognise the value here.

I have yet to see Brokers forecasts but think it cannot be far off the 6p-6.5p range, again suggesting a single figure PER at the current price.
With EPS growth of 38%, cashflow considerations and growth primarily in the Energy Division, this is surely too low.

Regards,
GHF

Edit:-

Growth in EPS also should be added as Positive in relation to original post.

* 2007 EPS growth would be 18.6% HIGHER THAN 2006 (based on 6.4p EPS forecast by Edison)

[glasshalfull] 23/9/2007 10:57

Response from Peter Youngs, FD, to my query regarding share price volatility.

I find it VERY REASSURING and suggests that the company share price has simply been mauled (down circa 25% in the last fortnight) by the market volatility and in particular the negative sentiment surrounding anything associated with the Banking Sector:-

"Thank you for your letter. There has been no change to the trading situation of the company since the interims which would warrant an announcement. I am in regular contact with our advisers on the issue of how to handle the issue of the drop in the share price, and would make a public statement if advised that it was the correct course of action. Meantime, please accept my assurance that myself and the team here at FO are continuing to work hard in the knowledge that, as long as we continue to deliver in line with expectations, whatever the reason for the short term fluctuations, the long term performance of the share price will reflect our trading position."


Regards,
GHF

[stegrego] 21/9/2007 18:32

Bought some more yesterday at 46p - the way i see this share is that in times of trouble banks etc are MORE likely to splash out on software that improves productivity etc. Also energy sector is booming and unlikely to change for quite a while.

[glasshalfull] 21/9/2007 14:32

Skyship and planetgong....you have mail.

Nice to see some decent buys coming in....only KBC offering stock at 47p now.
L2 2 v 1

Kind regards,
GHF

[glasshalfull] 21/9/2007 14:13

Skyship...I'll try sending from another email address.

regards,
GHF

[skyship] 21/9/2007 13:46

Still nothing through - long way to come perhaps, but suspect just another email succumbed to the appalling Hotmail (MSN) / Yahoo feud...

[skyship] 21/9/2007 10:34

O/T - GHF - Nothing arrived yet, but not unusual with yahoo/hotmail links I seem to recall. Have to go out for 45mins, will check in again later....

[glasshalfull] 21/9/2007 09:50

Skyship calling.....response sent.

Kind regards,
GHF

[skyship] 21/9/2007 09:24

GHF - Email from hotmail/wanadoo just despatched.

[glasshalfull] 21/9/2007 09:13

Skyship....email me at [e-mail]

Regards,
GHF

[skyship] 21/9/2007 09:04

GHF - Thanks for that - I was thinking of doing the very same thing.

Also reassuring to see a 70k BUY @ 48.5p......a Director purchase possibly. Am now wondering whether to top-up, but am already overweight (though not as much as hitherto due to the fall!!).

[glasshalfull] 20/9/2007 22:16

I made contact with the FD today and received a reassuring response which out of courtesy I have asked if I may reproduce on the board.

Suffice to say there has been no change in trading since the interims that would warrant an announcement to the market.


Kind regards,
GHF