eg solutions aims to double profits as financial markets improve

THE boss of a Staffordshire software company has said she aims to double profits during 2011 following a successful period that has seen the firm win a clutch of new business.

eg solutions, based at Dunston Business Village, has just reported a 400% increase in pre-tax profits for 2010, seeing the figure rise from £0.1m in 2009 to £0.5m last year.

The company has seen demand for its financial software solutions increase dramatically in the last year, with business particularly strong in its South African operation.

Elizabeth Gooch, chief executive of the firm, said she was now hungry for more and wanted to see the firm record £1m pre-tax profits this year.

She said the company now had a more efficient model with a better quality of revenue and this would be the basis on which to plan growth.

Part of the firm’s success in 2010 was due to the strategic acquisition of a firm in Bristol. The successful integration of XTAQ helped to boost sales by £1.1m and following this Ms Gooch said further acquisitions could be a possibility as 2011 progressed.

“You have got to push forward and we have successfully established the right platform for growth during the past two years and we now intend to build on that,” she said.

“We have new clients and a strong channel of repeat revenues. We now want to see this pattern repeated to generate growth, which will be achieved both organically and through acquisition.

“We will have a careful look at what is out there and if there is a suitable company that we think will help us achieve our goal then we will consider acquisition.”

The AIM-listed company, which employs 40 people, is also investing in its R&D to make sure its products remain at the cutting edge. Ms Gooch said there was also a possibility new jobs could also be created to support the investment.

Recognition of the company’s development work came last year with ICT certification from Accredit UK, underlining the firm’s software product design and development.