Results give it the lead in software house profitability
Open International has reported revenues of £35m, up 5% on last year’s figures, and an operating profit of £18.6m - an increase of 6%.
The results, during the company’s first year of trading as Open International following the MBO from Misys in March 2006, give it the lead in software house profitability.
Open International chief executive, Phillip Bell, said: “2006/7 has been a very encouraging year for Open International. We have won a record number of new business contracts from big name brokers. At the same time, our existing customers are investing in new Open GI technology to drive business growth and widen distribution. Since the MBO from Misys there has been a shift in the energy and commitment of the business and brokers recognise that.
“The growth of the internet and the e-trading of commercial lines is a major focus for Open GI now and in the future. Sales of our e-Quotes and X-Stream solutions continue to increase, providing linkage to aggregators, and we are working with our Mi business to incorporate the internet based Trader solution within the Open GI platform. This will open up access to the London market for regional brokers.
“The Mi business in its own right continues to perform well, with order intake continuing from major international players. And we are making significant progress in integrating our commercial solution with imarket insurers.
“The overall success of Open GI brokers can be measured by growth in EDI. During the year ended May 2007, Open GI systems were used to write 2.2 million policies via EDI – an 8% increase on the previous year. Commercial vehicle EDI policies were up 17% and bike by 48%. Within the more mature business lines, home showed encouraging growth of 12% and despite some commentators’ views that brokers’ share of motor business is in decline, Open GI brokers achieved a 5% increase during the period.
