Revenue for Q1 was up 12% on last year, and cash in the bank at the end of the quarter increased about 20%. Recurring revenues were up 18% and implementation fees were also up 18%.
Our global settlement ledger for insurers is now processing payments and the project is moving into a second phase. Insurance is an important market for Cashfac and we are looking to build on the success that we achieved in 2012.
UK local governments are signing up with the banks at an increasing rate for the use of Cashfac technology especially in care services.
The Implementation Services team continues its strong performance in delivery. The Managed Services teams in Livingston and Melbourne are successfully operating an uninterrupted service performing as a single unit so that we are able to offer a 24 hour continuous cash management platform for large customers.
Cashfac continues to have a strong cash position and the outlook is positive.