Culver Holdings announced a drop in turnover as it released its results for the year ending 31 December 2003.
It said turnover fell from £4.035m in 2002 to £3.296m, but said turnover for continuing operations showed an improvement, up to £3.086m for 2003 from £2.687m for the previous year.
Operating profit on continuing activities was £252,000, up from £181,000 in 2002.
The company made an operating loss of £170,000 on its discontinued activities before goodwill amortisation of £177,000. The retained loss was £385,000.
The discontinued activities include Culver's technology business and its residual interests in World travel Holdings.
The company said it was now entirely focused on the insurance sector, a move prompted by the performance of its broking business throughout the year.
Culver said: “The Group sees its insurance and financial services business as having considerable potential for the future as well as in the current period, providing a healthy cash flow and profit stream. Considerable effort has also been made in 2003 to reduce or remove central costs.
“The insurance business is now of a size such that increases to its income should largely be reflected in improvements to its profit and loss account.
“The Group has a number of other initiatives to improve the profit generated from the insurance transactions sourced by the insurance business which are capable of implementation during the short term.”
Chairman RMH Read said the board viewed the future with considerable optimism and intended to focus the group's activities in areas in which it has a strong track record of delivering shareholder value.
