Gresham Computing revenues up 11% in first half

Software and services firm Gresham Computing said total revenues were up by 11% in the first half of this year.

Shares in the IT company rose on the news, up 1.05% to 98.02p at 0814 BST.

Gresham said in the six months to 30 June 2015, total revenues were up to £7.1m, from £6.4m the year before.The revenue boost was led by software revenues, up 38% to £4.7m from £3.4m.

Pretax profit was up by 8% to £0.65m from £0.60m in the same six months last year.

Chief executive Ian Manocha said the company’s flagship product CTC was leading growth, and revenue for that software was up by 247%, making it the company’s best-selling product.

Gresham added the rest of the portfolio of products remained stable and was trading in line with expectations.

N + 1 Singer said the performance was in line with expectations and said it believed new chief executive Manocha would help the group’s sales strategy.

“The market demand for modern transaction control and data integrity platforms remain high and CTC is proving to be best-in-class,” the broker added.