Marlborough Stirling to reinstate dividend

Marlborough Stirling to reinstate dividend

UK life and pensions software house Marlborough Stirling says it expects to reinstate dividend payments for the year ended December 2003, after reporting turnover and profits in line with expectations.

In an update on trading for the year, Marlborough Stirling also reported a stronger working capital performance than previously anticipated, ending 2003 with higher net cash than at 30 June 2003,.

Looking ahead, the group enters 2004 with visibility for the year, in terms of contracted and recurring turnover, currently standing at over £70 million. The firms says it is currently in exclusive negotiations in relation to a number of contracts valued at approximately £10 million.

Beyond these immediate prospects, the group anticipates securing further life and pensions outsourcing business in the coming months and reports a strong pipeline for its newer straight through processing (STP) solutions.

In addition, the group's mortgage business expects increased activity in 2004 driven by demand for systems enhancements in compliance with UK mortgage industry regulation being introduced in October 2004.

Full audited preliminary results for the year will be released on 3 March 2004.

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