23rd May 2014 12:22
LONDON (Alliance News) - Helios Underwriting PLC Friday said its pretax profit was largely flat in 2013 as increases in the company's revenues were offset by higher overall expenses.
However, it proposed its first final dividend.
The company, which provides a limited liability direct investment into the Lloyd's insurance market, said its pretax profit was largely flat at GBP853,000, versus GBP854,000 in 2012.
Helios Underwriting said its revenues increased 34% to GBP9.9 million from GBP7.4 million as its gross premium underwritten increased to GBP11.9 million from GBP9.1 million.
However, the company was hit by an increase of 44% in its operating expenses to GBP4.6 million from GBP3.2 million, as both net insurance claims and general insurance expenses increased during the period.
Helios Underwriting said its net asset value increased 8% to GBP9.8 million from GBP9.1 million, and its NAV per share increased 7% to GBP1.15 from GBP1.07 the previous year.
The company also proposed its first final dividend of 1.5 pence per share and a special dividend of 3.0 pence per share. The company said its base annual dividend is not expected to grow significantly and said the final and special dividends are expected to be paid to shareholders in July.
The company has already made three more acquisitions in 2014, and says it has identified significant scope for further growth.
Helios Underwriting shares were up 3.5% to 157.80 pence on Friday.
By Tom McIvor; [email protected]; @TomMcIvor1
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