IT firm plans big expansion and higher revenue targets
Eurobase International, which reported a £1.5m pre-tax profit for the year ended 31 March 2002, wants to expand into other fields.
But the supplier of insurance underwriting software and information technology services to the financial market place also hopes to double insurance revenues to £20m in the next four to five years.
Chairman and managing director John Wilson said: "In five years' time we want to do £45m of business. We currently do £10m."
He said companies purely focused on insurance were "suffering worse" and, as a result, Eurobase would now expand into other fields.
Wilson said the insurance software houses were struggling to obtain new business since the World Trade Centre tragedy as companies focused more on their losses, rather than on investing in new technology.
"There is not much out there generally," he said. "We are suffering as well and as much as the others."
Last December, Eurobase, which relies on the insurance sector for 80% of its business, acquired Tantus treasury systems to expand into banking.
"We firmly see the insurance world as our market place," he said. "But we need to grow in other areas. We need to have more balance.
"Insurance will always be at least 50% of our business and we expect it to double in the next four to five years. We are not going to move out of the London Market."
Wilson said Eurobase needed to grow "more globally" in areas like the US. It would also focus more on banking, consultancy and human resources and planned to continue acquiring systems outside insurance.
He added he hoped to employ an additional 50 staff by the end of this year, to take the company up to 200 staff globally.