Technology provider Marlborough Stirling's results show bigger losses last year for its portal services division up to £1.6m from £758,000 but also increased turnover.
Turnover for the group's portal services, including Exweb, rose to £16.2m in 2003 from £15.7m in 2002, which the group describes as a robust performance in challenging markets.
But overall distribution turnover fell by 22 per cent to £24.4m from £31.3m, reflecting weakness in the software and consultancy part of the business.
Group profits fell to £10.6m from £11.3m. Chairman and chief executive Huw Evans said underlying profitability remained at similar levels to 2002 despite lower turnover because of decisive action taken to reduce costs throughout the group.
The firm has signed a deal with Royal Liver which it estimates will bring it at least £25m in business over the 10-year contract period. It will provide electronic quotation and new business transaction services via its Exweb portal to boost Royal Liver's launch into the IFA market.
Royal Liver will use Marlborough's business processing system Lamda, which offers straight-through processing from Exweb to back-office administration, including automated underwriting and new business cases.
Marlborough Stirling group development director Chris Ryland says: “The initiative with Royal Liver is a clear endorsement of our strategy of assembling the solutions to deliver tightly integrated end-to-end e-commerce services to the industry for the first time.”