Pre-tax profits up 13% to £7.9m at Liberty IT as Belfast-based firm boosts staff levels

PRE-TAX profits at Belfast-based tech firm Liberty IT rose by almost one million pounds last year, the company has revealed.

The firm, which provides IT solutions for its Boston-based parent company Liberty Mutual Insurance, saw turnover surge by 14% from £39.7m in 2016 to £45.2m for the 12 months to December 31, 2017.

Pre-tax profits rose 13%, from £6.9m to £7.9m.

Liberty IT’s workforce also grew, from 498 in 2016 to 521 in 2017, something it said was “driven by the increase in business opportunities experienced by the company”.

The firm’s latest company reand port also reflects the first full year since it expanded into the Adelaide Exchange in the spring of 2016. The move retained a 20year relationship as an anchor business on Adelaide Street.

One of the first major US business services firms to set up in Belfast city centre, Liberty IT has retained a reputation for being one of the UK’s best employers, winning a string of awards.

Summing up its latest annual performance, the company’s strategic report in the document stated: “The company continues to show strong turnover and operating profits for the period.

“Investment in new resources, projects, project delivery models and new technologies puts the company in a strong position to meet developing customer needs embrace future technological developments within the sector.”

However, Liberty IT said that internal restructuring during 2017 to support what it described as its customer operating model had introduced new roles but “meant slowing against trend during the period”.

Nevertheless, the report outlined the intention of the firm’s directors to maintain management policies they said have resulted in growth in recent years.

“They consider that the next year will show further growth in sales from continuing operations.”

The report says that a dividend of £3.1m was paid for 2017, well up on the £2.1m for 2016.