Financial software developer Business Control Solutions Group has benefited from narrowing its focus and trimming costs over the last financial year returning to profit in 2008.
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The company reported a profit of £36,000 for the year ended 31 December 2008 compared to a loss of £399,000 for the previous year despite turnover dropping by 7% to £9m.
The return to profitability was driven by a strong performance in the consulting division and software renewals and new business holding up in the financial sector.
In the year ahead the developer and consultancy already has £800k worth of orders in the pipeline.
In a statement, CEO of Business Control Solutions Group Nigel Walder, said that the last year had been challenging with the downturn kicking in but he believed that with £2.5m in the bank and its focus on the financial services sector it was well positioned.
“The deepening of the financial crisis has had a significant impact on our customers. We have responded to this by continuing to redefine and narrow the focus of our service offering and have continued the process, begun in 2007, of rationalising our cost base,” he said.
“The need for effective risk management solutions underpinned by monitoring and control processes is now widely accepted in the financial services sector and we are seeing increased levels of interest in our products and services,” he added.