Computerised Financial Solutions Plc has again posted interim losses, but the company is confident of their eventual irrelevance by the year-end. The Basingstoke, Hampshire company will also place 225,000 new shares with institutions within the next couple of days to raise additional working capital. The new shares represent about 5% of the enlarged issued capital. The shares were static at 76 pence, yesterday. Computerised, which supplies software, support and services to financial institutions and manufacturers, turned in pre-tax losses of ú66,000, up from ú36,000 losses last time, on turnover down 9% at ú1.3m. It said its profitable UK operations were offset by losses in the CIS Americas US subsidiary, caused by start-up and marketing costs. On the wholesale financial services side, the CreditLine Plus inventory management system has won customers on both sides of the Atlantic and the company is confident that some large orders will be won in the second half. The lengthy evaluation and decision-making process involved has been responsible for delays in replacing old business with new contracts, the company said. Computerised won its first facilities management contract with Second National Bank of Michigan in the half. Computerised said conditions in the retail financial services sector were tough in the first half, but it managed to secure loan portfolio administration contracts with Willis Corroon Plc and Wren Insurance Services. The retail finance business is split between Computerised and Rotch Credit Ltd. Chairman Tom Brockbank’s prediction for the year was an anodyne creditable result in his statement. Back at the last full-year stage he said that pre-tax profits would be around ú500,000 for this year (CI No 2,648). No dividend will be paid.
