Broker and insurance technology group Ensurance made a $1.75 million net loss for the year to June 30 as higher running costs negated a rise in revenue.

It follows a larger net loss of $3.73 million the previous financial year.

Business development costs, mainly for marketing, increased to $586,185 from $242,553, and employment outlays grew to $3.16 million from nearly $2 million.

Operating revenue improved to $3.03 million from $2.65 million as the company made further inroads in its market.

Ensurance has been undertaking preparatory work to grow its local and international business, including in Europe.

“The growth we have experienced… shows our strategy to disrupt the insurance market is paying off,” MD Stefan Hicks said.

“We’ve only just scratched the surface in what we can achieve with our highly scalable and innovative platforms, which are readily deployable to international markets in Asia and Europe.

“Now we’ve laid the groundwork for growth, we anticipate we will be announcing a number of significant developments in the near term.”