- Gresham Computing's pre-tax profits fell to £0.5m in the year to the end of December - down from £2.0m last time.

Total revenues fell to £12.8m (2013:£14.0m) but recurring revenues rose by 14% to £6.5m and CTC recurring revenues up 150% to £1.0m.

Earnings before interest, tax, depreciation and amortisation fell to £1.1m (2013: £2.4m) but was ahead of consensus.

Chief executive Chris Errington said: "The first quarter of 2015 has started well, with a trading performance in the first two months significantly stronger than for the comparative first quarter of 2014. We are confident of making further progress with CTC in 2015 and continue to win direct and indirect CTC customers and grow CTC recurring revenues in line with our strategy. The Board firmly believes that executing our strategic plans to achieve long term profitable growth and shareholder value remain on track.

"Our financial position remains strong, and the team remain ambitious and excited about the future of the company."

At 8:04am: [LON:GHT] Gresham Computing PLC share price was +1.75p at 86.5p

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