Full year profits of £4.6m 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 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, managing director of Callcredit Credit Solutions, says: “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, says: “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.”