RS2 Software plc - Interim Directors’ Statement

On 15 November, RS2 Software plc published its Interim Directors’ Statement covering the third quarter of 2011.

The announcement revealed that during the period under review, RS2 continued to show increases in revenue and improved results as the company continued to benefit from the licence sales of the core product Bankworks that took place in the first half of 2011. During the six months to 30 June 2011, RS2 had reported a 66.9% jump in revenue to €4.7 million on the back of increased licence sales which led to a significant improvement in pre-tax profits to €1.6 million.

RS2 explained that the benefits from the licence sales that took place in the first half of 2011 will accrue throughout the second half of 2011 and 2012 as cash inflows are effected and client service requirements are high during the twelve to eighteen month period following the conclusion of the contract.

In conclusion the Directors expect the overall performance for 2011 to compare very favourably to that of 2010.