Homegrown technology firm Praemium Limited finalised the development of its flagship products tailored to the British market but was forced to cut overheads following the UK recession.

The technology firm told the ASX this week that it has reduced its operating cost base by around two million pounds per year after reducing the number of full time roles in its UK office.

It said that it can reduce its staff because "the bulk of Præmium's development work in the UK is now complete," it said in the ASX statement.

"With the Australian business now moving into profit, this reduction of UK cost base enables the company to pursue our U.K growth in the current economic environment," said group managing director Arthur Naoumidis.

Since its opened its doors in London more than two years ago, the group has developed two key products that suited the local market: SMARTfund and a Discretionary and Platform Service (DPS).

To date, the group has sealed distribution deals with BNP Paribas Securities Services and Old Broad Street Research (OBSR).

Praemium offers online portfolio administration (V-Wrap), market data system (p-Desktop) and Separately Managed Account (SMA) technology. It administers over $27 billion of assets as of March this year on behalf of major fund managers, financial planners, accountants and SMSFs.