Jacques de Cock, chief executive of Patsystems, remains confident that the trading software developer will break even in 2002. His claims follow a year in which losses have spiralled, albeit in line with market expectations, to £9.6m (£1.8m) on increased revenues of £2.5m (£0.6m). 'Up front operating costs of £11.8m' are highlighted as the main factor to blame for losses as 120 new employees were recruited and new offices established. Patsystems now has a presence in Chicago and Singapore and a series of partnerships has been established to help the group break into traditionally difficult markets like Tokyo. The plan now is to develop relationships with leading financial institutions, de Cock noting that 'we're working with some very exciting companies who are looking to become global ASP re-sellers'. The group floated in March last year raising £50m before expenses, and currently has £36.6m left on its books. Taking into consideration this cash pile, the group's revenues, and the fact that it is likely to lose around £10m this year, Patsystems seems fully valued at £71.2m.

Patsystems	AIM	£26.93m	15.00p	0.00p
Click here for interactive charting
Other company articles:
Deal delays dampen Patsystems			07/08/2008
Banks weigh on Patsystems			06/06/2008
Customer wins help Patsystems			03/03/2008
Customer wins help Patsystems			11/02/2008
Futures deal for Patsystems			14/11/2007