Highams Systems Services Group Plc has not exactly set the world alight with its maiden results, but it claims an excellent start to the new financial year, with its core markets all buoyant. The company, which launched on London’s Alternative Investment Market AIM last December (CI No 3,059) saw revenue rise 24% to 16.4m pounds, but pre-tax profits were down slightly at 878,700 pounds. However, chief executive John Higham says these figures exceed both the company’s own budget figures and the market forecast. The company provides systems and services for the insurance and finance industries, and has three divisions. Recruitment Services provides contract staff to insurance companies and banks, and currently has more than 250 staff on placement. The Financial Services division has a factoring software product for banks, and both the Recruitment Services and Financial Systems divisions performed strongly in the year. The Business Solutions division was restructured last year to become a Microsoft Corp Solution Provider, but the company says it has yet to see the benefits of this restructuring. Higham says the markets for all the company divisions are strong, and are predicted to stay that way for the foreseeable future. The company did not expect profits to be any higher in the year because it has invested in developing existing services and recruiting staff, as well as in the restructuring of the Microsoft Solutions division. It is also looking at a number of possible acquisitions. Chairman Nigel Maw says the current year is off to a good start on the strength not only of new contracts, but also because the company has a record number of contractors working at our clients’ sites.
