BusinessCompany NewsSystems Union CFO to quit

Systems Union CFO to quit

Systems Unions numbers up - plus CFO set to depart.

Systems Union, the group behind SunSystems and Pegasus business software products, has revealed better than expected year end figures – while CFO Tony Sweet has announced his departure.

Link: Systems Union restructuring brings products together

Adjusted earnings increased to £11.1m, from £9m in 2003, while revenues leapt by 33% to £104.2m. The group took a £1.9m charge for restructuring the cost base of its German-based software business MIS.

And Tony Sweet, group chief financial officer, will leave from 30 June 2005 to ‘pursue other opportunities’.

‘We would like to thank Tony for his contribution to the company for the past two years and wish him every success for the future. A new finance director will be appointed in due course,’ the group said in its statement to the stock exchange.

The business underwent a major restructuring process last year, which sees it split into four global regions, focusing on selling all of its products to prospective clients under one banner.

‘In the past Systems Union has been primarily a provider of financial management systems – SunSystems and Pegasus; the acquisitions of MIS and Lasata have enabled the group to offer a much wider range of reporting and performance management products.

‘It will now focus on selling its full range of products irrespective of whether its customer currently uses Pegasus or SunSystems. In future, other than in exceptional circumstances such as for Pegasus in the UK and MIS in Germanic regions, all sales operations will trade as Systems Union, supplying all of the financial and performance management solutions owned by the group.’

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