Revenues up 41%
Broker software company, Insurecom, reported a 41% increase in revenues in 2006 to £3.70 million from £2.62 million in the previous year. Profit before tax totalled £0.35 million, against a loss of £4.74 million in 2005.
It said demand had been "consistently strong" throughout the year for Insurecom’s software technology and end-to-end products for the UK insurance broking community.
The company said: "Insurecom launched its large broker flagship solution, agencyPlus, at the end of Q4 2006, which required considerable debt-free investment during the previous two years. Insurecom also completed a programme of operational investment in team expansion and application development, on schedule and to budget. The company also became the first zero carbon footprint insurance software house during 2006."
The company, which is privately owned, is predicting exceptional growth during 2007 based on current rates of agencyPlus sales.
Phillip Walter, CEO, Insurecom said: “We are very encouraged by our 2006 results, in particular the robust sales growth we have seen since the launch of agencyPlus, which is creating strong interest among leading intermediaries.
“This is particularly pleasing following the significant investment the company has made in developing agencyPlus, and in operational development.
“Our strategy remains to offer a solution fit for large brokers in a consolidating market over the long term.”