SSP storms ahead of competition
IMPRESSIVE growth across all four of its divisions and the completion of a successful merger has propelled software specialist SSP into pole position.
The general insurance software developer, which has its headquarters in Halifax, is now one of the leading providers in the UK and one of the largest specialists of its kind worldwide.
Its acquisition of competitor Sirius in July has significantly grown its revenue potential and global reach, with the firm now boasting customers in 50 countries and offices in 10.
Excluding revenue from Sirius of £5.2m and revenue from the smaller
African insurer systems business acquired at the end of March for £1m, SSP achieved underlying organic revenue growth of 12% year-on-year.
Revenue increased 47% for the six months ended September 30 from £17.9m to £26.4m. Profit before tax rose to £2.7m compared to £1.8m in the same period last year.
Its delivery of annualised synergies of approximately £2m, highlighted as
part of the Sirius acquisition, is also in line with expectations,
with further cost savings expected in the next financial year.
David Rasche, SSP's chairman, said that the board was pleased to have maintained strong levels of organic growth and to have made good progress integrating the Sirius business.
“With strong performance in our four operating divisions and increased activity in all our markets, the board has confidence that we will meet our expectations for the full year,” he said.
“Since the acquisition of Sirius, the business is positioned even more strongly in the UK and international markets.
“We have brought together two businesses with a total workforce of almost 700
people. I am tremendously impressed with the enthusiasm of the combined team and how quickly everyone has melded together in the enlarged business, with many people leading or joining new teams.”
SSP supplied services and products to small firms and brokers, as well as large general insurers.
Its international division is fast gaining a foothold in India, Africa, Australasia and the US.
The company said that it is well placed to meet the demand for more sophisticated insurance solutions underpinned by a change in buying habits of general insurance companies.
With more than two decades of experience, SSP now has the largest share by revenue of the UK retail general insurance broker and intermediary systems market as well as the largest installed base of general insurer systems in the country.
It has more than 31,000 users in around 50 countries and boasts customers such as Fortis, Admiral, Norwich Union, AON, Brit, QBE, and Zurich.
Nearly 700 people support customers from its Halifax headquarters and offices in
Birmingham, the South of England, Northern Ireland, the Republic of Ireland,
Denmark, South Africa, Australia, New Zealand, Kenya, India and the United
States.
SSP is quoted on the Alternative Investment Market (AIM) and has a market capitalisation of approximately £120m.
