Phoebus Software has revealed its sales increased 16.5% in 2011 compared to the previous year, driven by strengthening market conditions.
It said that the growth in revenues has led it to increase its workforce by 13%, on the back of six consecutive months of year-on-year rises in mortgage lending and loans at 85% LTV and above almost doubling in the year to January 2012 to account for 13% of the market.
Paul Hunt, managing director of Phoebus Software said: “2011 has been an encouraging year for the whole mortgage industry. Banks and building societies have strengthened their balance sheets, improved their capital ratios high levels and core liquidity while lending more.
“The increases in gross lending that we’ve seen over the last six months are symptomatic of the returning confidence of lenders. Phoebus has benefitted as that confidence has echoed around the industry.”
