Platform software provider FNZ has reported pre-tax profits of £20.7m for 2011 - double its predicted target.
The firm expected profits of £10.6m, but was boosted by "the development of several new platforms for new and existing clients". Pre-tax profits for the year were £3.8m Revenues rose from £25.9m to £56m after FNZ UK's parent company, the Kiwi Holdco Cayco, re-negotiated its banking facilities with a £20m group facility, £14.7m of which was allocated to the UK business. FNZ, which powers the Standard Life and Axa Elevate platforms, also operates in the New Zealand and Australian markets. The company is currently running new platforms for a number of providers, including Zurich's lon...
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