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Assureweb pre-tax profit falls 37% to £253k

Andrew Simon Assureweb
Assureweb chief executive Andrew Simon

Assureweb’s pre-tax profit has fallen 37 per cent from £402,000 in 2011 to £253,000 for the year ending 31 May 2012.

Assureweb’s 2011/12 accounts reveal the quotation portal saw a 7 per cent decrease in sales from £6.1m to £5.7m.

American technology firm iPipeline acquired Assureweb in May after several months of talks with shareholders Prudential, Aegon, Friends Life, Scottish Widows and Aviva.

The accounts show iPipeline has repaid a £3.6m loan given by Assureweb’s previous owners for technology development and has issued a new loan of £3.2m.

Assureweb chief executive Andrew Simon (pictured) says: “The company is looking to widen its proposition into the business-to-consumer market place, as the financial services market looks to exploit consumers’ use of the internet. Similarly, the company is planning to resell the US parent e-commerce capability into the UK market.”

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