Company Snapshot: Liberty Information Technology Ltd
Liberty Information Technology has been in business as a Northern Ireland company since 1996.
It is a wholly-owned subsidiary of the Boston (USA) based financial services group Liberty Mutual Insurance Company, and describes its activities as software development and associated services for the wider group.
Liberty Information Technology has developed quietly over the years at its operational base in Belfast. The results for the most recent year have been amongst the best since it was established. In the last three years, turnover has grown by nearly 50% to reach £16.8m.
Operating profits in 2007 and 2008 were modest, and were lower than in 2006. However, in 2009 operating profits recovered to be the best of recent years. The Northern Ireland company operates with little direct financial borrowing, and earns a positive return on the funds invested. As a result, pre-tax profits are usually higher than operating profits.
The improved profitability in 2009 Co-incidentally, Liberty Mutual has been reported as a prospective bidder to take-over the Quinn Insurance company. which is currently in the operational charge of administrators appointed by the Financial Services regulator in Dublin. In addition to a possible acquisition, the chairman and chief executive of Liberty Mutual is Armagh born Ted Kelly, who qualified in Belfast and at MIT (Boston). Mr Kelly has been quoted as being prepared to examine the books at Quinn Insurance to assess the prospects for making a bid.