RS2 Software plc has increased its participation in the United States through its American subsidiary, CEO Mario Schembri said at the company's AGM on Monday.
Aside from providing a valuable presence in the market, this will also serve as the service providing arm of the group, Mr Schembri said.
At the AGM Mr Schembri gave an overview of the activities of the group during 2009 with particular emphasis on the decrease in turnover reported for the year when compared to 2008. He attributed this decrease to the effects of different revenue recognition policies reflecting new pricing models adopted during the year and to a reduction in requests for services from its clients.
Mr Schembri went on to explain the measures adopted by the company to handle the effects of the financial crisis and the strategies in place for the future. RS2 has been successful in moving ahead with its plans of overseas expansion in terms of increased client base, he said, as well as its structured office expansion in new regions. During 2009 RS2 signed on three new clients in two different continents while continuing to be ranked among the top software providers in the industry.
RS2 activities in the Philippines have also picked up at a very good pace with 15 employees already providing support services to the company and its clients, complimented by an intensification of marketing efforts in Southeast Asia. Research and development to remains a main focus for the company with four new modules being launched during the year and further development in the pipeline.
Net profit after taxation amounted to €879,889, a reduction in net profit margin of 16 per cent when compared to the margin in 2008. Profit attributable to shareholders amounted to €1,025,699, while EBIDTA stood at €1,421,247.
A dividend of €0.022 per share, amounting to a total dividend of €825,000, was recommended and approved during the meeting.
RS2's solutions are focused on the Bankworks suite of application modules. Bankworks is a powerful modular high-end card management system designed to meet current and future requirements in the international payment card industry. The system meets processing requirements defined by banks, service providers, as well as other organisations participating in diverse card businesses. The system's modules include card issuing, merchant acquiring, transaction processing, clearing, settlement, reporting, dispute management and internet services.