RS2 Software plc - Interim Directors’ Statement

On 18 May, RS2 Software plc published its Interim Directors’ Statement revealing that during the first quarter of 2010 the company concluded a licence contract. However, requests for services from existing clients since the start of this year have remained in line with the levels of 2009. On a more positive note, RS2 has been informed by one of its major clients that it will be transferring all its operations onto the BANKWORKS platform. The Directors explained that the work cannot be quantified at this stage but levels of activity with this particular client have already increased. Overall the Directors are expecting marginal improvements in its performance during the first half of the current financial year compared to the first six months of 2009. However RS2 is still cautious as the slowdown experienced in 2009 is expected to persist throughout most of 2010.

With respect to its future strategy, RS2 confirmed that it continued to invest in marketing its BANKWORKS platform in the United States through the participation in the Electronics Transactions Association expo for the second year running. This participation compliments RS2’s investment in its American subsidiary, Transworks LLC. This subsidiary will enable RS2 to expand its product offering to include processing services which will give RS2 a further competitive edge over other providers in the industry.

The Directors also explained that the Philippine subsidiary has now taken over the role of a key support centre servicing the Malta development centre and its clients. Moreover, the Philippine office will act as a base for RS2 to expand its client base in South East Asia assisted by the Group’s offices in Malta and Germany.

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