31st Mar 2015 15:29
LONDON (Alliance News) - Pro Global Insurance Solutions PLC Tuesday said it swung to a net profit in 2014 after results from operating activities improved and it reported a profit on its discontinued operations.
Pro Global, which is still fresh from the demerger of its run-off business, said it made a GBP0.8 million pretax loss from continuing operations in 2014, compared with a GBP4.8 million pretax loss in the prior year, as revenue increased to GBP25.8 million from GBP24.6 million and expenses fell to GBP27.6 million from GBP30.8 million.
The company swung to a net profit of GBP3.8 million, compared with a net loss of GBP33.5 million in the prior year, as its discontinued operations showed a profit of GBP4.7 million compared with a loss of GBP28.4 million in 2013.
Chief Executive Artur Niemczewski said the company will invest in its growth in 2015 after spending the bulk of the prior year on "restructuring the business and rebalancing the cost base following the demerger of its run-off business".
"The year has started with a strong sales pipeline that is well diversified across all Pro service lines. Pro is now well positioned to take advantage of opportunities in the global insurance and reinsurance market, resulting from regulatory change or growing globalisation of reinsurers," Niemczewski said in a statement.
Pro Global Insurance shares were untraded on Tuesday after closing at 8.50 pence on Monday.
By Samuel Agini; [email protected]; @samuelagini
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