Target increases turnover by 22%
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Lending software and financial outsourcing group Target, has experienced a significant increase in annual turnover, with revenues rising from £11.1m to £22.2m between 2006 and 2009 and turnover increasing by 22.5% in the past year.
The company increased its team by 43% over the past year and now employs over 350 people across the UK, Australia and New Zealand.
Formed over 30 years ago, Target diversified and expanded in 2007 to offer business process outsourcing services.
Target Group comprises two divisions, Target Software, which delivers solutions for lenders, brokers and insurance companies, and Target Services which includes its business process outsourcing company Target Loan Servicing.
Target Loan Servicing won four new servicing contracts in 2009. At the year end there were 11 contracts signed or under negotiation, these included contracts to service motor loans, savings products (investment bonds and deposits), commercial loans, residential mortgages, equity release and second charge loans.
The firm says 25% of the world’s top 20 global banks now use Target Group’s software and services.
James Rudolf, CEO of Target Software, says: “We are delighted to have experienced such growth during what has been a difficult time for the financial industry. Target offers banks and portfolio owners a range of software and outsourced services. It is this versatility and depth of our products and services which have ensured such a successful year.
“We have ambitious growth plans which include expansion in the Asia Pacific region over the coming year.”
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