As predicted in its full year results, Computerised Financial Solutions Plc, of Basingstoke, Hampshire, has made pre-tax losses for the six months to June 30. The cause for the UKP36,000 pre-tax losses, as against a profit last time of UKP77,000 on turnover down 14.3% at UKP1.4m, for the supplier of software, support and administration services for inventory management and consumer finance to financial institutions and manufacturers, was the establishment of a new North American operation and the transition to new software, CreditLine Plus. Since the results CreditLine has been launched and the company is optimistic about its current negotiations with organisations in both the UK and US. Computerised’s UK arm continued to trade profitably. Its relationship with RAC Insurance Brokers Ltd remained satisfactory, but arrangements with Toshiba (UK) Ltd and Baring Brothers & Co Ltd around consumer credit have failed to take off as it had expected. In August Rotch Credit Ltd took a 50% stake in Computerised’s subsidiary Retail Financial Services Ltd, and Computerised believes that this will aid the unit’s growth. Computerised Financial expects a return to profit for the full year as costs for introducing CreditLine Plus tail off.
