TrigoldCrystal makes money but loses users

26 July 2010 | By Natalie Thomas

TrigoldCrystal lost 4,000 subscribers in 2009 but still made a profit of £1.17m for the year.

The company’s accounts for the year ending November 2009 show its subscriber base fell from 23,000 in 2008 to 19,000.

But the firm increased its profits from £423,811 in 2008 to £1.17m.

In April Trigold and Crystal Software Solutions announced they were merging to form TrigoldCrystal.

The accounts reveal that £3.4m was transferred from Crystal to TrigoldCrystal classified as goodwill.

The company has an estimated 70% share of the mortgage sourcing market.

Its revenue fell during the year from £7m in 2008 to £5m as a result of the reduction in the number of brokers in the market. David Aylmer, marketing and business development director at TrigoldCrystal, says it expects its 2010 results to be roughly in line with 2009, although it has lost a few subscribers since November 2009.

Aylmer says: “We are quite happy with these results - they are not as bad as we initially expected. We expect this year to be pretty much on a par with 2009 and that our turnover and profits will increase.”

He says that since November the company’s subscriber numbers have fallen to around 18,000.

He adds: “The merger has helped our profits and we’ve spent a lot of time reshaping our technology based on Crystal’s software. We have launched facilities such as plug-ins and an iPod system, all due to Crystal’s technology.”