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Marlboro&#39 focuses on outsourcing

Turnover dropped to £49.8m from £56m in the same period in 2003. Profits were down to £1.7m from £2.6m.

The company says its main area of focus will be the huge market potential for life and pension outsourcing. It will also continue to develop functionality and business connections for The Exchange.

Marketing director Steve Butcher says the company has identified a market trend within life insurance companies to outsource open and closed books.

But he adds that scale and financial resources could effectively limit Marlborough to 25 per cent of the market. Butcher will not comment on how close Marlborough is to any new deals following this year&#39s tie-up with Sun Life Financial of Canada.

Overall mortgage business at Marlborough made progress in the first six months of 2004, with turnover up by 92 per cent to £10.8m from £5.6m in 2003.

Life and pension turnover fell by 26 per cent to £30.7m from £41.4m.

Chief executive Mike O&#39Leary says: “We continue to carry forward some uncertainty in predicted short-term life and pension software revenues. Focusing on outsourcing will enable us to attack much bigger markets and generate growth and greater stability of earnings across the group as a whole.”

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