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April 29, 1994

COMPUTERISED FINANCIAL SOLUTIONS DOES MAIDEN FULL-YEAR PROFIT OF UKP330,000

By CBR Staff Writer

Computerised Financial Solutions Europe Ltd – formerly Commercial Inventory Service Company Ltd – has reported a massive increase in pre-tax profit for 1993, of UKP330,000. The results are the first since the holding company, Computerised Financial Solutions Plc, was floated on the Unlisted Securities Market in February (CI No 2,339). Turnover was up by a more modest 19%; the reason for the profit increase was a 1992 write-off of bad debt – dating back a couple of years, which amounted to UKP254,673. In July last year, the company established its first US office, and Computerised Financial reckons the cost of this will impact first half results for 1994. Development of the company’s new CreditLine-Plus software will also affect 1994 results. CreditLine-Plus is due for release in the second quarter, and will eventuially replace all the company’s existing mainframe applications, says the company, which expects the new products to contribute to a successful second half next year.

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