Mondas, the provider of software applications to the banking and securities and education markets, has made an operating loss before goodwill amortisation and restructuring charges of £0.43 million in the half year to October 2004 – slightly better than the £0.50 million in 2003. This translated into a pre-tax loss of £1.45 million – against £1.09 million in 2003 – which was exacerbated by one off exceptional items of £0.42 million. The company has cash balances of £1.05 million, down from £1.88 million in 2003.
Mondas has also agreed with Rhyme Systems a development licence for the Fund Manager Enquiry System, FES, and the company has outsourced some software development offshore. It reports that its Banking & Securities Division has delivered systems to CSFB & HSBC, and reports “growing interest” from North America and private client stockbrokers in its products.
“These results reflect a challenging period for the Company,” says Jarlath McGee, Chief Executive. “However, there are now clear signs that we are moving away from the problems of the past. The strategic review, the results of which we announced in October 2004, is being vigorously implemented although there is still work to be done. We are now focused on delivering asset servicing solutions to the investment banking and fund management markets. The education market remains a high priority, as there are considerable opportunities for growth.”