4th Apr 2016 08:37
LONDON (Alliance News) - Pro Global Insurance Solutions PLC, the AIM-listed insurance outsourcer and consultancy, on Monday said it swung to a pretax profit from continuing operations in 2015, aided by a 35% increase in new business revenue.
Pretax profit from continuing operations amounted to GBP1.6 million in 2015, versus a loss of about GBP800,000 in 2014, the company said in a statement, as revenue rose to GBP26.6 million from GBP25.8 million and direct costs reduced by GBP1.3 million to GBP14.4 million.
New business revenue rose by 35% to GBP11.5 million, according to Pro Global. The company said it is "well positioned" to take advantage as clients in the insurance and reinsurance industries pursue mergers and acquisitions, cut costs or shift to new operating models.
"Pro's services are tailored to assist our clients address these challenges. Meanwhile, the business environment for outsourcing and consulting services continues to be characterised by increasing price-led competition, making it noticeably more difficult to secure new assignments that meet Pro's profitability requirements," Pro Global said.
Shares in Pro were untraded on Monday morning, having closed at 14.00 pence on Friday.
By Samuel Agini; [email protected]; @samuelagini
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