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Marlborough looking to boost turnover by £10m

Technology provider Marlborough Stirling says its turnover will be boosted by £10m in the next year if a series of deals go ahead as planned.

In its market outlook for 2004, the firm says it expects to complete a number of exclusive contracts that will boost turnover to £80m by March 2005 from £70m.

However, City analysts are more bullish, predicting its results will show overall turnover at around £114m-£115m, with profits around £9m by 2005.

Marlborough, which owns IFA portal The Exchange, says it expects profits to be slightly higher at the end of 2004. A number of contracts are due to mature in the first quarter but it says these will be offset by an increase in business in areas such as Exweb. Strong performance in the last six months of 2003 means the board will be recommending a final dividend.

The group is predicting an increase in demand for its mortgage systems in 2004 driven by firms looking to improve compliance ahead of mortgage regulation in October.

Finance director Bob Beveridge says: “We are expecting continued growth within the group in most areas but especially in straight-through processing which joins back-office systems to The Exchange and includes automatic underwriting and new policy information.”

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