Insurance software house, Transactor Global Solutions Limited (TGSL) and associated companies announce turnover of £6.7 million, an increase of 29 per cent for the trading year April 2011 to March 2012. Pre-tax profits for the group were £0.6 million, an increase of 20%, with Ebitda running at about 10 per cent.
Commenting on the results, Ray Vincent, Chief Executive Officer TGSL said, "Despite all this growth our borrowings as a business have remained incredibly low, which obviously contributes to our very healthy balance sheet. We will remain committed to the organic growth model, which I believe produces greater agility and certainty with regard to new product development."
The first two quarters of the 2012 trading year (April to September) have also produced very strong results, with TGSL's turnover growth running at about 25% compared to the same period last year, and the order book continues to strengthen.
Vincent added, "We have taken over 20 new system orders since the beginning of April. These include orders from personal and commercial lines call centre and Internet traders, London Market operations, MGA's, scheme brokers, aggregator specialists, and Mutuals. And we look to be on track to double our new business acquisition over the full trading year, which is exactly in line with our organic objectives.
"The whole order book is serviced from a single codeline and our strength in a variety of sectors demonstrates how flexible and versatile the Transactor codeline has become over the past 10 years.
"In June, we launched a new Enterprise Division specifically for insurers and virtual underwriters which focuses on value added services in key areas such as consultancy, financial management services, and change management."
Over the past year, TGSL's headcount has increased to 120, with the new Krakow office doubling in size to 34 staff by Christmas 2012, and additional recruitment in both Milton Keynes and Winchester underway. TGSL has also taken a long term lease on the prestigious Krakow Technology Park, with space for up to 50 people.
Transactor London Market (TLM) is also looking to move into new premises in the New Year with more space to service its growing client base following 18 months of trading.
Ne>New product development continues at a good pace, and the company celebrated 500 man years of development in June this year. During the last 12 months, the business has completed a revolutionary London Market front end, a revised claims handling solution, a radical new version of the ScreenBuilder, and an all new Data Aggregator module.
Vincent concluded, "We are now looking to recruit a Finance Director, and continue to look to strengthen our operation at every level. We like to make appointments from within the industry where possible, and value the opportunity this brings to freshen our view and inject additional insurance sector experience across our widening range of operations."
TGSL celebrates its 10th birthday as a business in April next year.