Pro Global Insurance Solutions PLC Final Results (0959B)
March 31 2017 - 2:01AM
UK Regulatory
TIDMPROG
RNS Number : 0959B
Pro Global Insurance Solutions PLC
31 March 2017
Pro Global Insurance Solutions plc
31 March 2017
Pro Global Insurance Solutions plc
2016 Audited Full Year Results
Pro Global Insurance Solutions plc ("Company"), the specialist
outsourcing and consulting service provider to the global insurance
and reinsurance industry, has recorded a 12% increase in revenues
of its services business for 2016.
The company announced its 2016 results today, and highlights
include:
-- Revenue growth was GBP29.7m, up 12% from GBP26.6m;
-- Gross operating profit was GBP12,467k up 2% from 2015 (GBP12,164k);
-- Gross margin fell to 42% in 2016 (2014 46%) due to continued investment in new business;
-- Operational result was GBP1,479k (2015: GBP676);
-- Total borrowings of the group at 31 December 2016 were GBP9,727k (2015: GBP10,769k).
Artur Niemczewski, Chief Executive, said, "We are pleased with
the progress made by the Pro team in 2016. It was a year of
investment in growth, resulting in increased revenues and managed
costs."
On 22 December 2016, the Company announced the sale of its
outsourcing and consulting businesses ("Pro Services"). The sale of
Pro Services will relinquish the Company from the risk associated
with the future of these subsidiaries and will put the Company in
position to repay the Natixis debt at or before its normal maturity
date.
The sale will provide Pro Services with long-term financial
stability and release the business from all long-term debt
currently existing at Company level.
Artur Niemczewski added: "During 2017 the team is going to
continue its "Client First" strategy, whilst continuing to work on
its long-term strategy under new ownership."
Following the sale, the Company's only trading activity will be
through its 30% investment in its associate Asta Capital Ltd.
("Asta") which owns a number of companies including Asta Managing
Agency Limited, the leading third party managing agent at Lloyd's.
Going forward, the Company will focus on supporting Asta's growth.
Asta has a very successful core business which continues to
generate a healthy profit and cash flow. Asta contributed GBP2.2
million to the Company's profits for the full-year ending 31
December 2016 and GBP1.7 million for the full year ending 31
December 2015.
Tim Carroll, Chairman of the Company, said. "We wish the team of
Pro Services every success in the future and are grateful for the
tremendous progress they have made over the last three years to
make Pro Services a great stand-alone business. Asta's performance
has been good since our investment in 2011, and we look forward to
focussing on this business following the sale of Pro Services."
The Company's Reports and Accounts for 2016 will be available on
the Company's website (www.pro-global.com).
Enquiries:
Artur Niemczewski, Chief
Executive
Pro Global Insurance Solutions
plc 020 7068 8026
--------------------------------- ----------------------------
James Britton or Guy Wiehahn
Peel Hunt LLP (nominated
adviser and broker) 020 7418 8900
--------------------------------- ----------------------------
Press enquiries: 07843 076 533
Mairi Mallon, Chief Executive, Mairi.Mallon@rein4ce.co.uk
rein4ce
--------------------------------- ----------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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