Company snapshot: Liberty Information Technology Ltd.
IT firm's turnover hits £29m
Liberty Information Technology is a 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. It has been in business in Northern Ireland since 1996.
Liberty Information Technology has expanded steadily in recent years at its operational base in Belfast. The results for 2012 have been the best since it was established. In the last three years, turnover has grown to reach £29.3m, more than double the levels five years ago.
After a period in 2007 and 2008 when profits were modest, in 2009 operating profits recovered sharply and the improvement has continued in each succeeding year.
The company has little reliance on borrowing and earns a positive return on the funds invested. Pre-tax profits are, therefore, slightly higher than operating profits
Improved profitability since 2009 helped to finance the payment of dividends to the parent shareholder. Since 2009, dividends have improved and rose to £5.6m in 2012. The more active policy on dividend payments has, in 2012, slightly exceeded the level of post-tax profits meaning, therefore, that there was a small fall in the balance sheet value of shareholders' funds.
Employment has increased in the last six years and averaged 326 people in 2012. This was nearly 50% higher than in 2007.
The parent company Liberty Mutual now has an interest in Quinn Insurance company.