Eurobase (insurance and banking software provider) announces 6 month results - pre-tax profits of £0.75 m

The Eurobase International Group has announced unaudited pre-tax profits for the six months ended 30 September 2002 of over £0.75 million. This is ahead of most other players in the market who are trading on very weak balance sheets.

This diversified software and services group has demonstrated consistent trading strength in its core insurance marketplace despite a weak market for software and IT spend throughout the period. Eurobase’s continuing financial success is attributable to the ongoing strength of Synergy, the group’s insurance and reinsurance administration product, together with new sales by its banking division.

Siena, the banking division’s recently released Java-based treasury management solution, has been well received within the banking and corporate treasury communities.

John Wilson, Group Chairman and Managing Director, said "I am pleased to report that the financial performance of Eurobase International Group remains robust despite a flat UK marketplace in the period. With £7 million of cash reserves, the Group’s balance sheet is particularly strong. I am encouraged by the opportunities we are creating for our products in the international marketplace - there are very positive signs for the Group in the USA and Europe. We expect to announce new orders in the near future both in the insurance and banking markets."

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