Technology provider Aquilo has improved its performance during 2002, posting a £0.7m loss compared to a £2.4m loss in 2001, which reflects a £1.7m turnaround.
Announcing its latest results, Aquilo said it generated turnover of £2.5m compared to £2.7m for 2001.
In the second half of 2002, Aquilo made a pre-tax profit of £0.3m. Aquilo said the turnaround followed the successful merger between Accidentcare Group and Ecom Group in July 2002.
Aquilo's claimed its performance was also boosted by the sale of its products to brokers through its partnership with Sirius and Folgate Partnership.
Mike Eve said: "There is no doubt that 2002 was a defining year for us. The restructuring of the business coupled with the merger with Ecom Group has enabled us to set the foundations for the coming year. We believe that increased pressure on the investment and insurance industries to be more cost effective will see them looking for alternative ways to operate, and in turn will provide us with a real opportunity to increase our revenues.
"In addition, our strategic partnerships will also allow us to grow organically whilst looking for new investment opportunities to further enhance our revenue growth opportunities whilst reducing the cost base and we are confident of significant and substantial growth in the future."
