Sirius Financial Solutions, a supplier of software and services to the insurance and financial services industry, has announced an increase of 22% in operating profits for the year ended 31 December 2006.
Stephen Verrall, chairman and group chief executive of Sirius, commented: “We have had another good year which has resulted in a strong financial performance particularly as we continued to improve our operating margins at the same time as growing revenues. We have started the year strongly and secured a number of notable wins across all our product areas.”
Financial highlights
• Group turnover of £23.7m (2005: £21.8m) up 9%
• Operating profit (before 2005 property related costs) up 22% to £2.5m (2005: £2.0m), ahead of the board's expectations
• Recurring revenues remained strong at £8.9m (2005: £8.7m)
• Operating margins improve to 10.4%
• Basic earnings per share up 71% to 9.9p (2005: 5.8p)
• Proposed final dividend up 10% to 1.375p per share (2005: 1.25p)
• Operating cash flows of £1.3m (2005: £0.8m)
Operational highlights
• Appointment of Duncan Macmillan as COO to senior management team
• Continued shift in emphasis from one-off licence sales to services, renewable term licenses.
• Strong order book for professional services and development
• Continued sales of the Sirius for Insurance product with six new win sales in the year
• Launch of Nexus in September 2006, the integrated schemes trading model
• Continued expansion of Sirius 21 – 91 systems sold during the year and more than 160 sites are live
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