Target Announces Impressive Results
Target Group has experienced a significant increase in annual
turnover, with revenues rising from £11.1 million to £22.2 million
between 2006 and 2009. Over the past year, turnover increased by
22.5%.
The ambitious company has increased its team by 43% over the
past year. Target now employs over 350 people across the UK,
Australia and New Zealand.
Target's success has been achieved through its investment in
developing and delivering innovative, cost effective and flexible
lending and insurance software and loan servicing solutions for the
UK and Australasia financial industry. Formed over 30 years ago,
Target diversified and expanded in 2007 to offer business process
outsourcing services - all focused to help lenders deliver
operational efficiency.
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 performed very strongly, winning 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.
25% of the world's top 20 global banks now use Target Group's
software and services. This illustrates the versatility of Target's
lending software which is central to Target Loan Servicing's
proposition.
James Rudolf, CEO of Target Software commented:
"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."
Target has an impressive client list of some of the best known
names in finance and insurance including Barclays, Bank of America
Merrill Lynch, Credit Suisse and NFU Mutual.
Published: 23 February 2010