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Ebix doubles annual net profit

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International insurance software and online exchange provider Ebix has more than doubled annual net profit, earning a record $US27.3 million ($40.4 million) last year.

A 76% rise in fourth-quarter net income contributed to the strong result, with Ebix banking $US7.9 million ($11.7 million) against $US4.5 million ($6.7 million) during the prior corresponding period.

Full-year net profit surged 116% from $US12.7 million ($18.8 million) in 2007.

Total revenue from Ebix and all subsidiaries soared 74% during the year from $US42.8 million ($63.4 million) to $US74.8 million ($110.8 million). Local subsidiary Ebix Australia operates leading online transaction platform Sunrise Exchange.

Ebix CEO and President Robin Raina welcomed the result and forecast further strong growth for the company.

“The year 2008 has seen Ebix become more of an infrastructure player rather than a services player with our exchange business growing to 59% of worldwide revenues,” he said.

Ebix Australia MD Leon d’Apice told insuranceNEWS.com.au the Australian division’s results were also solid. “We are looking for growth in 2009 with the introduction of new e-commerce facilities and certificate of insurance tracking as well as a greater emphasis on professional services,” he said.

Globally, Ebix claims its operating margins of 39% and strong cashflow illustrate the company’s strength and ability to thrive amid challenging economic conditions.