24th Sep 2015 09:58
LONDON (Alliance News) - Pro Global Insurance Solutions PLC on Thursday said it swung to a profit in the first half to the end of June as it delivered stronger revenue at a lower cost.
The company, which provides outsourcing services to the insurance and reinsurance sectors, said it achieved a pretax profit for the six months to June 30 of GBP377,000, compared to a GBP1.2 million loss a year earlier.
Revenue rose to GBP12.3 million from GBP11.5 million, and this was gilded by an improvement in its gross margins, with cost of sales falling to GBP12.5 million from GBP13.5 million despite the revenue rise.
The company said it gained market traction in the year and said it is pursuing a number of other contract opportunities.
The group also said Andrew Donnelly, its former financial controller, has been appointed interim chief financial officer. He replaces Paul Mooney.
Chief Executive Artur Niemczewski said the company will continue to invest in growth and boost its market position going forward.
Shares in the company were untraded on Thursday, having last traded at 6.70 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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