Despite the current market turmoil, Phoebus Software Limited has declared a profit for the year ending December 2008, adding to its record of continuous profitable trading throughout the last two decades.
With no bank funding and a cash position that dwarfs the outstanding creditors by more than 3 to 1, their balance sheet remains dependably solid. Phoebus Software has always operated in this way - the balance sheet being supported by retained earnings funded from its ongoing profitable operations.
The company has added a further eight clients for its market leading system in the last two years alone, and has continued the steady development of its modular software offering - most recently with powerful Equity Release and 'Special' Servicing capabilities.
In 2008, Phoebus Software completed the development of an all new web originations system able to deal with residential mortgages, equity release and bridging, and this is now being expanded to deal with commercial and second mortgages. The company's new Equity Release product is being used already by three market leading clients - More2Life, New Life Mortgages and Saffron Building Society - and is believed to be the only product available to originate and service in this sector.
On the back of such developments, Phoebus Software has continued to build on its strong position in the prime and sub-prime servicing market sector, delivering systems to both niche and blue chip companies.
As part of its growth strategy, in 2008 Phoebus Software formed a partnership with Sandstone, the front-end Esave specialists, to offer a complete web based deposit originations and servicing option. This can now be provided for the client either as a self-managed option, or the complete system can be supplied as an outsource package.
Phoebus Software's CEO, Robert Lintonbon, comments, "Phoebus Software is proud of its strong track record and solid business fundamentals. Particularly at a time like this, it is important to be open with clients about the strong company position. They need to know we can help them cope with the economic downturn and build for success as conditions perhaps eaase later in 2009 and beyond. We will certainly be here to support them with proven, reliable and ever-more-innovative software, all available at a cost directly related to the book. We know that what we are doing now can be very influential in helping them grow in the future."