22nd Jun 2015 09:06
LONDON (Alliance News) - Randall & Quilter Investment Holdings Ltd Monday said it is "confident" about its prospects and outlook after swinging to a loss in a "challenging" 2014, expecting a "much improved" result in 2015.
In a statement, the non-life insurance investor, service provider and underwriting manager said it made a GBP2.3 million pretax loss in 2014, compared with a GBP11.3 million pretax profit in 2013.
The group said it was hurt by reserve deterioration in R&Q Re US, legal costs relating to arbitration of a large life settlement claim in former Syndicate 102, and failing to secure anticipated service contract wins in its now restructured US service operations.
The company said its capital return to shareholder would remain at 8.4 pence per share for 2014, citing confidence in its underlying trading and future prospects, with no option for shareholders to receive an income dividend.
"We expect a much improved full-year result compared with 2014, with the potential to increase distribution to shareholders in line with anticipated profit growth," Ken Randall, the group's chairman and chief executive, said in a statement.
Randall & Quilter shares were down 6.3% at 120.00 pence on Monday morning in London.
By Samuel Agini; [email protected]; @samuelagini
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