BSB (D) : BSB announces a financial loss in 2011 despite increased revenues

PRESS RELEASE BSB announces a financial loss in 2011 despite increased revenues Customers defer orders to 2012 due to poor market conditions

Louvain-la-Neuve, 24 January 2012, 5.45pm - Regulated information

BSB, the provider of financial software solutions for the insurance and wealth management industries, has announced a loss for the financial year 2011, despite a 13% increase in revenues.
The company has announced non-audited revenues of EUR 35.1 million (EUR 30.9 million in
2010) and a loss estimated at EUR 2.8 million, before amortisation of goodwill.
This performance has several causes:
During the second half of the year, the software activity suffered from poor market conditions which led many customers and prospects to defer investment. This led to the sale of several million Euros worth of licenses to be rescheduled from end- 2011 to 2012. In May 2011, we created SOLFIA in Luxembourg to market high-value products and services. The process to obtain regulatory approval by the CSSF took longer than expected and we were only able to begin marketing certain services from January 2012, rather than from the second half of 2011.
During the second half of the year, BSB incurred significant costs in anticipation of an increased workload which did not materialise. These were mainly recruitment and training-related costs.
The management of BSB will now implement measures to ensure a return to profitability during the first half of 2012, based on the following steps:
Implement a cost-savings plan to significantly reduce expenses by 7.5% on an annual basis
Accelerate revenue growth by relying on a strengthened sales organisation. The latter was reinforced during the second half of 2011.

* * * For information: Euan Sellar, Head of Corporate & Marketing Communication

Phone [phone]. [e-mail]

About BSB

BSB provides business solutions and IT services for insurers, private bankers, portfolio managers, wealth managers, holding companies, independent financial advisors and investment funds. It has more than 100 customers in 16 European countries.
BSB's solutions create efficiency by increasing automation, standardising processes, lowering costs and shortening time to market. They are simple to use and integrate easily into complex IT environments.
BSB's flagship products are Solife for life insurance administration and Soliam for institutional asset management and private client wealth management. A subsidiary, Solfia, offers an off- the-shelf SaaS portfolio aggregation service based on Soliam.
BSB exists since 1995, employs more than 400 people in Europe and has its headquarters in Belgium. It has offices in Belgium, France, Germany, Ireland, Luxembourg, the Netherlands, Switzerland and the United Kingdom.
BSB is quoted on Euronext's Alternext: symbol 'BSB'
www.bsb.com