Frango Controller to improve financial reporting and consolidation
The UK’s leading operator of specialist holiday businesses, Holidaybreak plc, has selected corporate performance management (CPM) software from Frango to improve company-wide financial reporting and analysis. The software will be implemented for Holidaybreak’s 2004 year-end.
Holidaybreak, previously known as Eurocamp plc, has three divisions: Hotel Breaks, Adventure Holidays and Camping. Each division reports on a quarterly, half yearly and annual basis.
After researching other CPM software vendors, Holidaybreak chose Frango Controller to replace its Excel-based systems. Bob Baddeley, Financial Director for Holidaybreak plc explained, “Frango Controller was by far the best product on the market to match our requirements. The software is straightforward to install yet powerful, and will allow us to easily consolidate financial information at division and Group level. Furthermore, it will be owned by our finance team here at Holidaybreak, so we will be able to change it and generate financial reports as and when needed.”
Frango Controller is a comprehensive software package especially designed for group financial reporting, analysis and what-if modelling. With a straightforward installation, the software eliminates the need for costly IT consultancy. The package includes 200 types of standard report, covering all common internal and external reporting requirements, including IAS adjustments and inter-company matching. Frango
Controller gathers and consolidates data automatically from pre-determined sources such as the General Ledgers of divisions and subsidiaries, removing the risk of manual error during the consolidation process.
“Group finance departments are under real pressure to report and reforecast more frequently, in greater depth and with greater accuracy,” said Ian Inglis, managing director, Frango UK. “As the pressure from regulators and markets continues to increase, we will see more groups of companies turning to corporate performance management software like Frango’s, to stay ahead of the escalating demand.”
About Holidaybreak plc
Holidaybreak plc consists of three operating divisions. Each division has very different product, operations and business models, but they do share some important common strengths. Each market leader in its respective specialist sector of the holiday industry has multi-channel distribution and is recognised for providing high standards of product and service quality. Flexibility for the customer is a feature of the holidays offered and flexible cost structures a feature of business models. The businesses also enjoy better margins than most of the travel industry and strong cash regeneration. All are resilient and well placed to benefit from current industry and customer trends. Together they make a strong well-balanced business.
Founded in 1987, Frango is a leading European software company that enables finance and business managers to plan, report, consolidate and analyse business information - a process is generally known as Corporate Performance Management.
More than 1,300 corporate customers and organisations worldwide rely on Frango to understand their corporate performance and to gain access to timely and relevant information for improved decision-making. In Europe this includes almost a fifth of large corporates1, such as Aegon, IKEA, Alliance UniChem, Scottish Power and Credit Suisse.
The company’s headquarters are in Sweden with offices and distributors throughout Europe, Asia Pacific and the United States. It is listed on the Stockholm Stock Exchange (Stockholmsbörsen) under the symbol FRANG B. More details are available at www.frango.com
1 KPMG Consulting, Fast Close 2002 Survey
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