Open International, the group holding company for broker software house, Open G I, and the Countrywide network, has reported revenues of £33.3m and an operating profit of £17.5m - an 11% increase on the previous year.
The software house said the results will allow further investment for research and development (in excess of £4m), as well as potential acquisitions.
The announcement also falls just one week before the company is set to launch a completely new look and feel for the Open G I system and a host of major product developments.
Jason Gatenby, director of Montagu Private Equity, said: “It is clear that the business has continued to trade well and has an excellent opportunity to grow more quickly, perhaps through complementary acquisitions.”
Phillip Bell, chief executive, Open International, attributes the performance to growth in order intake as a result of major new product launches and broker contracts.
He said: “Achieving revenues of over £30m in a year which has seen a management buyout and a major rebrand is extremely encouraging. It shows that our brokers are keen to further invest in Open G I technology and utilise Countrywide facilities, and that we continue to strengthen our foothold in the market. It also compares very favorably to results announced by other software houses*.
“Demand for our products has never been greater. As well as significant month on month increases in EDI volumes – a testament to the amount of business being traded via the Open G I system - we are also seeing encouraging growth in our overall user count.
“The Countrywide network continues to perform well, with over 750 brokers renewing their membership for 2006/7.
“Overall, it's been a great year for Open International and we look forward to continuing to increase our presence in the market.”
