Target more than doubles profits

Target GroupTarget Group, a major supplier of insurance and financial services software and business process outsourcing services, has reported annual results of $11,76 million (£5.5 million) EBITDA in 2014, up from $4.702 million (£2.2 million) in 2013, a turnover increase of 33 per cent over the same period. The group has operations in Australia, New Zealand, the UK and Ireland.

Currently $47 billion (£22 billion) worth of financial services firms’ assets are now serviced on Target systems.

During the year Target processed over $11,67 billion (£5.5 billion) of direct debits and collected over £400 million of arrears on behalf of clients.

Target CEO, Paddy Byrne, commented: “We have also had several new clients place their business with Target which, combined with growth in the portfolios of our existing clients, has led to a 29 per cent increase in assets on Target’s systems, with a resultant increase of 33 per cent in turnover and 150 per cent in profit.

“In addition to our successes in primary and special servicing, our software development teams have implemented a state of the art accounting system for a leading retail finance provider and have delivered a hosted payments solution for the DVLA, which will enable the processing of over 10 million direct debits. In the insurance market, we continue to roll out our innovative insurance software, ‘IF Channel’, to support clients with their multi-channel digital distribution strategies.”

Target is also entering the UK structured product industry as a product provider. This move will see it designing retail structured products and distributing them via intermediaries under its brand “Hartmoor Financial”. This strongly positions Target as both a product manufacturer and a provider of third party administration.

“Our results are a reflection of Target’s commitment to delivering excellent service on behalf of our clients in every interaction. We have had a very successful year which included migrating several portfolios across a range of asset classes in seamless well managed processes and collecting cash in excess of clients’ expectations, all in a compliant and customer centric manner. These results demonstrate our market leading capabilities and the fact that our clients can rely on exceptional regulatory and economic performance in the portfolios we administer,” concludes Byrne.

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