Against the backdrop of a toughening technology market, listed software supplier Total Systems reported sharp rises in both turnover and earnings per share for the year to 31 March 2002.
Turnover at the company rose 40% to £5.38m, up from £3.85m in the year to March 2001. Pre-tax profit jumped to £1.4m from £0.72m, while earnings per share rocketed 92% to 9.5p, up from 4.9p.
The company said strong sales of its Ultima product to the insurance industry had kept sales steady.
Total chairman Terry Bourne said the group had achieved the growth despite difficulties in converting prospects to sales.
He said he expected the second half of the current year to be stronger than the first half.
The results were in line with analysts' expectations. The company's brokers, Brewin Dolphin Securities, had been expecting pre-tax profits of £1.4m on sales of £5.5m.
Bourne said the company's growth was entirely organic and driven by work created around sales of Ultima.
"Because the product is so flexible, we get a lot of add-on work that particular clients don't wish to do themselves," he said.
Ultima, which is used by insurers such as Bluesure, AXA, Fortis and Zurich, accounts for almost 90% of the group's sales.
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