Phoebus Software has reported an increase in sales of 16.5% for 2011.

The company said this growth in sales was helped by the recovery of the mortgage lending industry, illustrated by six consecutive months of increased mortgage lending .

As a result of the growth in revenues, Phoebus increased headcount by 13% over the course of 2011.

Paul Hunt , managing director of Phoebus Software, said: “2011 has been an encouraging year for the whole mortgage industry. Banks and building societies have strengthened their balance sheets