City Networks, a UK-based provider of software and services to the treasury, securities and derivatives markets, says it increased both revenue and operating profits in 2003.
For the fiscal year ending June 2003, City Networks delivered a positive financial performance with revenue in excess of US$21,800,000 and an operating profit of over US$4,000,000. The latest results contribute to a CAGR between 2000 and 2003 of 8% and 16% for revenue and operating profit growth respectively.
The company says 2003 included sales and implementations at Bank of Tokyo-Mitsubishi, Commonwealth Bank of Australia, Credit Lyonnais, Fortis Clearing, HBOS, HVB Group, Lloyds TSB, Raiffeisenbank, Schroders Private Bank and SG Corporate and Investment Bank.
The year also saw the introduction of two new product: CityNet Conversation Checker and CityNet Enterprise Reconciliation and continued expansion in Central and Eastern Europe, with 20 customers in the region.
City Networks says 2004 will see the company continue its R&D programme, with initiatives focused on real time cash and exposure management, demonstrated by the recent projects with Cable & Wireless and SWIFT. There will also be announcements on trader notifications, electronic trading integration and financial messaging.
“The latest results serve testament to the endorsement and recognition we have from our customers and the quality of our service and staff,” says Costa Christodoulou, CEO at City Networks. “We continue with the company’s investment in enhancing our products with a paramount objective to deliver maximum earnings improvement and risk mitigation to our customers in a cost effective manner.”