Diversa says revenue from providing services to superannuation funds, including group life, grew by $1 million to $5.9 million in the year to June 30.

Earnings before interest and tax were up to $1.1 million from $660,294 the previous year.

The result led to a turnaround in pre-tax profit, which totalled $453,242, compared with a $120,661 loss the previous year.

Diversa is being taken over by OneVue Group, which has reported a 19% increase in revenue, including insurance, to $26.4 million for the year to June 30.

However, it recorded a 13% increase in operating expenses to $27.9 million, and a $4.1 million net loss, compared with a $200,000 net loss the previous year.

OneVue has provided a set of combined revenue figures, showing the picture if the two businesses were already merged. Annual revenue would be $42 million, with earnings before interest and tax of $2 million.

Diversa’s board has backed the takeover and a shareholder meeting to approve the deal will be held on September 20.