CCK wins bank contract

SOFTWARE company CCK Financial Solutions has won a new banking contract it hopes will be the first of several new deals over coming months.

If all goes to plan, Perth-based CCK expects to be cash flow positive over the coming financial year.

This would mark a healthy turnaround for CCK, which traded successfully as a private company for nearly 20 years but had a poor run since listing in 1999.

The good news came in the form of a letter of intent from Malaysia’s Southern Bank Berhad for the implementation of Guava Suite, CCK’s treasury management system, at four different sites.

Southern Bank Malaysia currently uses CCK’s Infinity back-office system and will upgrade to the new system, while Southern Investment Bank and Southern Bank Singapore will replace software from another supplier.

The Southern Bank group will use Guava for all of its treasury functions, including money market and currency dealing, as well as some corporate banking functions.

CCK has previously reported a big increase in tendering activity, with Guava short-listed in about 70 per cent of cases.

"There is a good indication that the company will win a number of these contracts in the near future," it said recently.

As a result, the company expects a significant increase in revenue.

In its latest financial results, for the year to June 2004, CCK’s revenue fell by 32 per cent to just $2.1 million, while the net loss rose by 49 per cent to $1.5 million.