Software provider Stream has reported a $127,902 loss for the year to June 30, due to costs related to a claims management business sale and a writedown of deferred tax assets.

The earnings result improves on a $744,736 loss the previous year, while sales revenue doubled to $1.26 million.

The former claims management company says Qusol, which provides claims and workflow management software to the insurance and construction industries, traded in line with expectations. Expansion of the business, internally or through acquisition, is a priority.

“The company is investigating a number of acquisitions that would achieve our goal of increased scale,” Stream says in a statement.

It has shifted its focus to software after exiting claims management. In New Zealand the Symetri business was sold to Gallagher Bassett in April last year.

The group’s Australian operations entered administration in December 2015 and were liquidated. It sold its holding in a UK claims services business the following May.