Software developer Atlantic Global plc has reported a 29 per cent rise in turnover.

The Peckover Street-based business, set up in 1993 by its managing director Eugene Blaine, saw turnover rise 67 per cent in its interim results last September.

The business saw turnover jump from £515,000 to £860,000 for the period ending June 2002.

The trading update, issued ahead of its year end results which will be made public on March 27, outlined an expected rise in turnover for 2002 of £1.55 million.

The firm, which floated on the Alternative Investment Market (AIM) in May 2001, expects profits for the year ending December 31 to hit around £460,000.

A spokesman for the firm said: "Despite an extremely difficult year in the technology sector and in the company's markets, the directors expect that turnover for 2002 will be approximately £1.55m, an increase of 29 per cent.

"Since the company's admission to AIM in May 2001, it has invested substantially in expanding its infrastructure and staff.

"Additional investment, over and above that incurred in 2001, includes £100,000 of further software development costs, £188,000 on sales costs and £87, 000 on marketing costs to generate future sales growth.

"This is in anticipation of an expected increase in sales activity and the required capacity to handle it."

Clients of the company include Barclays Bank, the London Stock Exchange, GlaxoSmithKline plc and Ericsson.

At the beginning of last year Norwich Union Insurance Services, which is part of insurance group Norwich Union, signed a contract worth £200,000 with the firm.

The Little Germany company employs 14 people.

Last October the company's sales director retired due to ill health.

Atlantic has announced that it has appointed Mark Allcock as its new sales and marketing director.

Mr Allcock, 42, previously worked for Admiral Computing.