An industry insider said: “It seems strange that someone would encourage the media to write a story about published figures that are two years old. It looks to me, as it will do to brokers, that someone is very worried about the amount of business that Trigold is stealing from its competitors with its integrated compliance system.”
However, Martin Colyer, joint managing director at Trigold, said the next results in November 2004 would reflect Trigold’s ‘massively increased subscriber base from 3-4,000 to 12,500 now and that the 2002 losses reflected huge investment and £700,000 redundancy pay outs in 2001.
Colyer said: “It is partly a mis-understanding that this story keeps re-surfacing as software companies have huge start-up and on-going development costs which inevitably show up as losses at first. But we’ve gone from being nothing in the market to number two in the last three years.”
