Rubik unwraps interim sales
Rubik Financial yesterday said it expected to "show half year revenues of more than $5 million" for the December 2009 half.The company said that management was "confident that the second half will be stronger than the first half."Rubik reported top line revenue in the year to June 2009 of a bit less than $9 million in the year, with most of that reported in the second half.Rubik is a reseller of a localised version of the core banking system developed by Temenos. The firm claims the system can handle around two million customer accounts and is scalable to handle more than 10 million.Most revenue relates to add-on products, including internet banking and call centre solutions rather than core banking systems, though hopes are high for sales, albeit to smaller banks, whether in Australia, the Pacific or the Middle East.One point to yesterday's ASX publicity was to point out the shift to production status of its first customer for the core banking system. Maleny Credit Union in Queensland is the customer for a solution that Rubik is seeking to promote as a "bank in a box".Rubik is investing some of its cash in the equity of rival or complementary vendors. It holds a 20 per cent stake in New Zealand-based Finsoft, a firm that, like Rubik, mainly targets small deposit taking entities.