Callcredit boosts profits despite economic downturn
Large growth in 2008 for Callcredit Information Group. as:
• Revenues increase by 73%
• Profits increase by 67%
• Staff numbers increase from 419 to 625
Callcredit Information Group, formerly Skipton Information Group, announced today that it saw significant growth in 2008, with sales increasing by 73%. Despite the uncertain trading conditions in 2008, full year profits of £4.6 million show an increase of 67% on the previous year and the Group also continued to expand its workforce, increasing staff numbers from 419 to 625.
Within the Group, credit reference agency Callcredit and marketing solutions provider Broadsystem performed particularly well. Callcredit's revenues increased by an impressive 46% versus last year, due to winning a number of key contracts with high street lenders and the success of its collections and account management products. The company also saw online credit searches treble during the same period. In its first year under ownership of the Group, Broadsystem have turned round a previous operating loss to show a profitable position in 2008, with revenues exceeding expectations and growing by 8%.
John McAndrew, MD of Callcredit Credit Solutions, said, "2008 was a good year for Callcredit despite the economic turmoil, and our annual results are testament to this. It has become evident to us that Legacy systems built in a benign economy are no longer fit for purpose. Businesses, lenders particularly, are insisting that in these turbulent times information must be immediate, accurate and predictive. They appreciate that consumer behaviour has changed significantly and Callcredit will work with them to ensure that they can continue to offer credit profitably and responsibly."
Mike Green, CEO of Callcredit Information Group said, "In what was a very difficult year in terms of the economy, CIG made good positive strides in 2008 and continues to grow, increase market share and improve profit margins. Growing in difficult times confirms to us that we're contributing value to our clients and with new product innovations already in place for 2009 we expect to continue to deliver a solid financial performance and exceed our long term growth objectives.'
Notes to Editors
• Callcredit Information Group (CIG) brings together experts across the fields of credit referencing, marketing services, interactive solutions and consultative analytics to enable our client base of businesses and consumers to make informed decisions using our innovative products and services.
The group is made up of two complementary divisions:
? Credit Solutions, encompassing Callcredit, Legatio and DecisionMetrics - specialists in credit risk, ID verification services and tracing tools.
? Marketing Solutions, providing specialist knowledge in customer analytics, consumer targeting, database building and hosting, marketing communications, business modelling and market analysis through three market leaders in their own fields: EuroDirect, Broadsystem and GMAP Consulting.
• Callcredit is the UK's most innovative and customer-focused Credit Reference Agency, with an established reputation for service differentiation; focusing on listening to clients and creating innovative solutions that deliver real business value. Find out more at www.callcredit.co.uk
• Callcredit Check is the consumer arm of credit reference agency Callcredit, providing consumers with instant online access to their credit report and services to help them monitor their credit status.