Member Article

Harrogate's Nostrum Group reports record £1 million in pretax profit

Harrogate software provider Nostrum Group has announced record results for the third consecutive year, with turnover increasing by 137% since the end of 2012.

The firm’s pretax profit for the year reached an impressive £1.081 million.

Nostrum secured a number of major brands as clients in 2014, resulting in a rise in turnover to just over £9 million in the year ending 31 December.

Neil Warman, chief financial officer at Nostrum Group, says: “We continue to see very strong demand for our lending platform as the market moves to a more digital approach.

“We’ve invested heavily in user experience in recent years and are now reaping the benefits of this development work. In simple terms, we’ve got a product in high demand in a growing market – it’s a great position to be in.

“The company is in a strong position with over £5 million cash in the bank and virtually zero debt.

“This leaves us able to continue to self finance our growth, and it’s possible we will make an acquisition of a suitable business that could help us achieve our strategic objective more effectively, which is to grow in our core lending markets by working with an increasing number of masthead clients.”

During 2014 Nostrum opened a new London office and consolidated its Harrogate head office into a renovated single site premises. Permanent headcount grew by 35% to 73 over the 12 months to the end of 2014, and recruitment is an ongoing process.

This was posted in Bdaily's Members' News section by Clare Burnett .