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16 August 2010
International insurance software and online exchange provider Ebix has reported a record second-quarter net profit of $US14 million ($15.5 million), 56% higher than last year’s earnings.
Revenue climbed 44% to $US32.2 million ($35.7 million) during the quarter compared to $US22.4 million ($24.8 million) last year.
“We have continued to substitute production drops in the industry through organic growth means by bringing new clients to our exchanges,” Ebix CEO Robin Raina said.
“We have always believed that a company’s true strength is tested when times are bad for the industry.”
It has been a busy second quarter for local subsidiary Ebix Australia, which purchased compliance tracking service Trades Monitor during the period.
Ebix Australia MD Leon d’Apice is expecting strong growth from the unit which verifies, maintains and monitors compliance information on contractors including public liability insurance, professional indemnity and workcover.