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Trustmarque delivers growth but looks for quicker future returns

Simon Quicke

Trustmarque Solutions has filed results that show both increases in profits and revenue for the year ended 31 August.

The reseller, which specialises in software licensing, reported turnover of £116.8m and profits of £4.68m.

Paul Ferguson, finance director at Trustmarque, said that the reseller had been able to win business in a tough economic climate.

"This puts us in a strong financial position and will allow us to achieve further growth in the coming 12 months," he said.

In the last financial year the reseller has won significant deals, including a contract to supply the Ministry of Defence with hardware and software, but it recently lost its CEO Ross Millar.

Millar left after an apparent fallout with the venture capitalist backers Lloyds Development Capital (LDC) just two years after an MBO.

Ken Hills, interim CEO at Trustmarque who works for LDC, said that the business was in good shape but it needed to expand its operations to grow in the future.

He said that he expected a new CEO to be appointed in the next six months and he was already advising the board about areas that should be investigated including boosting its software asset management activity and increasing its presence in the security market.

"The business has grown at both the top and the bottom. As investors we are keen to see faster growth," he added "You can't afford to stand still and I need to find a replacement CEO and renew the strategy to take the business onto the next level."

He added that to get faster growth the business was looking at a range of options.

"We need to look at other areas. The SAM business is a small capability that we should look at and we should look at information security. All are under consideration," he said.

As part of that he said it would potentially be working with new vendors in the future.

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