Transactor reveals profit and growth plans

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The precise figures for the year 1 April 2011 to 31 March 2012 are expected in August.

The news came as Transactor revealed that group turnover is expected to be in excess of £6.5m for the period, an increase of 24% on the previous year (2011: £5.2m).

"The shareholders are quite happy with that kind of profit," Mr Vincent told Insurance Age.

"As an independent company we are happy to plough profits into software development."

He added that the target for the business was to grow turnover by 25%

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