Lloyd's and London market technology specialist Intech has posted a pre-tax profit of £749,666 for 2004, an increase of 85% from £406,073 in 2003.

The company recorded a turnover of £9m for its year ending 30 June 2004, a marginal increase from its £8.57m turnover in 2003. Intech managing director Tony Holland said: "While the technology market in general has been depressed over the last three years, we have continued to be profitable and this year's result demonstrates the quality and stability of our financial model."

Holland added that the model was based on "making sure we have around 70% of our business already contracted" with its clients.

Intech's projections for 2005 show turnover rising to £11m and its gross profit jumping to £9.7m.