Policy Master, the specialist insurance software group, warned this week that its profits would be hit by delays in introducing a new system for insurance brokers.
The company said there had been delays in the second quarter in the introduction and marketing of a new packaged broking system, a version of its Sirius system.
These, in turn, have led to a deferral of sales levels into
the second half of the year “which on early indication is expected to lead to profit for the first half being below that of last year”, the company said. Turnover, however, will be ahead, it added.
In the year to June 1999, the group made pre-tax profits of £500,000 on turnover of £7.7m.
Policy Master added that Media Maker, its internet design team, had benefited from strong results after being introduced to the group's insurance customers.
And ecommerce solution sales in the remainder of the company have grown by 40%, compared with last year's second half.
This week, Policy Master signed a major systems development contract with FTyourmoney.com, a new, free, interactive service designed to help customers manage
their personal finances.
Business development manager Mike Dodd said the partnership would involve Policy Master offsetting an element of development revenue against shared transaction revenue.
