Stirling Result for Software Supplier

Article excerpt

Cost cutting measures are starting to pay dividends for Midland-based software supplier Marlborough Stirling.

The Cheltenham-based group, which has recently undergone restructuring, yesterday confirmed it would be axing additional jobs to drive down costs further.

Outgoing chairman Huw Evans told the group's annual meeting: '2003 was a year of consolidation for Marlborough Stirling in which we refocused the business behind our main client propositions and cut operating costs significantly to stabilise our financial performance.'

Marborough Stirling is now focused on three distinct but complementary businesses -life and pensions, mortgages and The Exchange, which provides software and a web-based service to IFAs. 'We are on track to extend this service to become an electronic trading platform for the whole industry,' Mr Evans told shareholders.

'Uniquely, the combination of our three businesses enables us to provide complete, end-toend, automated solutions for the advice, sale, acceptance and administration of life assurance policies and mortgages.

'Together, our propositions have the potential to transform the financial services market.' Turning to Marlborough Stirling's financial performance in 2003, he added: 'Turnover was pounds 114.6 million, with strong growth in outsourcing and a good performance for The Exchange's portal services offset by weakness in software and consultancy. …