Curtis Banks Group PLC Update on operating systems (6865Z)
19 December 2017 - 2:10AM
UK Regulatory
TIDMCBP
RNS Number : 6865Z
Curtis Banks Group PLC
18 December 2017
Curtis Banks Group plc
("Curtis Banks" or "the Group")
Update on operating systems
As disclosed in the interim report to 30 June 2017, the Group
has continued to review its operating systems following the
acquisition of the Suffolk Life business in May 2016, to ensure
that optimum systems are in place and operational efficiencies are
delivered.
We are pleased to announce that this review has now been
completed and the Board has concluded that the most cost effective,
appropriate and lowest risk solution is, subject to contract, to
implement a material upgrade of the existing back office operating
system at Curtis Banks Ltd. A material consideration in reaching
this decision is the additional functionality provided by a new
version of this system which has recently become available.
The Group proposes to use the upgraded system and the existing
Suffolk Life back office system, both of which are cost-effective
and appropriate. Operational efficiencies continue to be
introduced, with the ultimate objective of higher service levels
and improved operating margins.
As a result of this decision, costs of approximately GBP2.1
million incurred and capitalised on the initial development,
installation, evaluation and testing of an alternative system over
recent years will now be written off as an exceptional impairment
charge in the financial statements for the year to 31 December
2017. Other than GBP0.1m, all these costs were incurred in
accounting periods up to and including the year to 31 December
2016.
Rupert Curtis, CEO of Curtis Banks, commented:
"After some period of uncertainty over the direction of the
Group's future operating systems we are delighted that this issue
is now resolved. The Group will continue to focus on its core
activities and growing its SIPP books and looks forward to 2018
with this decision being concluded"
For more information:
Curtis Banks Group plc www.curtisbanks.co.uk
Rupert Curtis - Chief Executive
Officer
Will Self - Deputy Chief
Executive Officer +44 (0) 117 9107910
Paul Tarran - Chief Financial
Officer
Peel Hunt LLP (Nominated +44 (0) 20 7418
Adviser & Broker) 8900
Guy Wiehahn
Rishi Shah
+44 (0) 20 3757
Camarco 4984
Ed Gascoigne-Pees
Hazel Stevenson
Notes to Editors:
Curtis Banks administers more than 75,000 Self-Invested Pension
schemes, principally SIPPs and SSASs. The Group commenced trading
in 2009 and has successfully developed, through a combination of
organic growth and acquisitions, into one of the largest UK
providers of these products. The Group employs approximately 590
staff in its head office in Bristol and regional offices in
Ipswich, Dundee and Market Harborough.
For more information - www.curtisbanks.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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