EBITDA of £500,000 is testament to 'hard work and dedication', says Walter

Insurecom chief executive Phillip Walter says the company has reached its most important financial milestone to date.

Walter, who took over at Insurecom five years ago, hailed the software house’s first full-year positive result for earnings before interest, tax, depreciation and amortisation (EBITDA) of £500,000, in its unaudited financial results for the year ended 31 December 2009. He said it builds on the company’s EBITDA break-even in 2008, when it declared a post-tax profit of £28,000.

Walter also said Insurecom’s sales increased by 10% to £5.6m in 2009 and posted positive net assets of £250,000, with currently no external debt.

“These results represent the significant improvements we have made to the business during the past 18 months, which is a testament to the hard work and dedication of everybody in the Insurecom team,” Walter said.

“In line with our business strategy, Insurecom completed the 2009 financial year with a foundation built upon the textbook four corners of a strong software and services company: a stable recurring revenue customer base; profitability; wholly owned modern intellectual property; and no material debt.

“When you consider that these results were delivered in a period of the worst economic climate in living memory, I am immensely proud of what we have achieved in 2009.”

Insurecom is also hosting its first broker business conference next month, which will include guest speaker Sir Ranulph Fiennes.