RS2 Software plc – Interim Directors’ Statement

RS2 Software plc announced that during the first quarter of 2014 the Group has traded as planned and whilst increasing its engagement with its current clients has continued to progress in negotiations to conclude agreements with new clients. 

The Group increased its revenue significantly by 38% from €2.1 million in Q1 2013 to €2.9 million in Q1 2014. This resulted in a net profit after tax of €0.47 million in Q1 2014 compared with €0.15 million in Q1 2013, an increase of 205%. 

As already announced in previous announcements and press releases, RS2 has signed a contract with OK Q8, a specialist in petroleum cards, for a new licence and partnered with Fexco to be able to deliver the DCC technology. The new licence signed is in the implementation stages and it is progressing forward as per schedule. 

The Group has, during the first half of 2014, through RS2 Smart Processing Limited managed to sign two letters of intents with two prospective clients. Furthermore the company has pending proposals with other prospective clients in Europe and North America. 

The Group acquired new premises in Gozo by title of emphyteusis in relation to new premises in Gozo. This investment will be in the region of €1 million. 

The Group is still actively evaluating its presence in the Latin American region. An appraisal exercise to establish the appropriate country to set up a sales and support office in the region is currently in progress. 

Whilst the Group continues to look for the best opportunities, 2014 remains to be a very exciting year. The directors continue to hold a positive outlook for the year. 

To view the official company announcement, click here.