Sherwood Group has announced a return to profitability in 2002 with pre-tax profits up by 137% to £5.7m.
Sherwood Group has announced a return to profitability in 2002 with pre-tax profits up by 137% to £5.7m.
Its 2002 profit result was up from £2.4m in 2001.The group's turnover decreased by 8% in 2002, impacted by the tough economic climate, to £52.2m.
Sherwood added that it enjoyed strong movement of new business throughout 2002. In September, Aviva purchased a new five-year licence for its governance software, ProCede?.
Sherwood's CEO Mike Shinya said: "We will continue to exercise prudent cost control and our priority remains
to defend and grow existing profitability levels, maintaining a sustainable business model for the future.
"We seek to expand our business into emerging marketplaces through strategic partnerships that will provide us with greater leverage and mitigate the cost of bringing solutions to market. We will selectively examine acquisitions where these complement our product set or increase our penetration of certain markets."
