UK e-learning company Epic is reporting substantial increases in half-year turnover and profits on the back of strong business demand from financial institutions.
For the six months to 30 November 2000, turnover at Epic increased by 95% to £3.7 million and operating profits by 139% to just under £0.5 million. New financial sector clients include Lloyds TSB, Barclays, Credit Suisse and Chartered Institute of Bankers. The company was also buoyed by repeat business from the Royal Bank of Scotland.
"In a sector that is consolidating and subject to regulatory compliance and rapid change in products, cost savings through e-learning give these organisations competitive advantage," says Epic chairman, Michael Inwards.
In Europe, IDC estimates that the e-learning market will grow to $4 billion in 2004. The market will be dominated by the UK, Sweden and Netherlands. In a separate survey Datamonitor estimates the size of the European market in 2002 as $0.7 billion.