The contract, which relates to the management of claims in connection to Payment Protection Insurance, will impact the second half of 2012. Initial indications show that the contract will represent in excess of £750,000 in turnover during this period. There is potential that similar contracts could follow in 2013 and the Group is in early stage discussions with a second leading bank with the view to providing a similar service for PPI claims.
The Group's performance continues to improve, as reflected in the results for the year December 2010 where losses have been reduced from £402,343 (2010) to a profit on operations of £80,385 before nonrecurring costs expended in the continued drive to change the shape of the business, resulting in a loss for the year to December 2011 of £90,060.
The Group has also announced its intention to broaden its services to the financial services profession through facilities for training, placement and recruitment. The Group has the skills and potential customer base and is now engaged in exploratory talks with a company able to provide the administrative support with a view to possible collaboration.
Commenting on the win, Executive Chairman John French, said:
"We are of course delighted to have secured this contract. It highlights not only our skills to operate in the traditional insurance claims sector, but also our ability to transfer our knowledge and experience to other aspects of the financial services market."
