Insurer software giant Sherwood has posted an 11% jump in pre-tax profits in spite of the widespread slump in sales caused by fears of the millennium bug.
Director Barney Quinn said much of the rise in profits was due to a 50% increase in revenues on Amarta, the firm's life insurance product.
Quinn said: “Market conditions have been pretty difficult. There have been problems with Y2K, but these are pretty good results.”
Sherwood plans to invest £4m in two years to develop Senator B2B, an updated version of its reinsurance system. It is ecommerce-driven and will be based on Sherwood's much-vaunted Aeos technology that allows websites to withstand large numbers of simultaneous internet ‘hits' without crashing.
