Louvain-la-Neuve, 28 September 2012, 17h30 - Regulated information
Difficult market conditions lead to first half loss at BSBLouvain-la-Neuve, 28 September 2012 - BSB announced today, a consolidated financial loss of EUR 4.7 million for the first half of 2012 due to new business activity being at a virtual standstill. On a more optimistic note, the company has seen a
strong upturn in client activity since June, and predicts a positive turnaround during the second half.
Against this background, BSB took the difficult decision to
reduce its workforce earlier this year, as part of a package
of measures to reduce costs, improve efficiency and
productivity, as well as enhancing its processing facilities.
BSB also increased its equity by EUR 5 million by entering
into a relationship with Vermeg Group. These combined
measures have significantly repositioned BSB and put it
back in a financially sustainable position.
On the contract and licensing side, BSB won a major internet
portal project in France and started the scoping phase in
July. It also established a presence in Malta with
the sale of a Solife life insurance administration system to
GlobalCapital, a major provider of financial services in the
Mediterranean region. BSB also strengthened its association
with the Argenta Group via a project for its Soliam wealth
and asset management solution, in Luxembourg. In the United
Kingdom, Zurich UK has entrusted BSB with the extension of an
internal portal project into the retail side of the
business.
BSB