Company says that ruling on medical reporting should pave the way for growth
Elite Insurance, LitComp’s Gibraltar-based After the Event Insurer, has finished its first full year of trading “ahead of expectations,” the company has said.
Unaudited results for the year ending 31 March 2007 show a very “significant improvement over the previous year." LitComp's anticipated earnings before interest and tax for the year ending 31 March 2007 are thought to be at least £1.2m, up from £28,000 in 2006.
The company added that it anticipated net profit before tax of at least £800,000.
But trading for LitComp’s Medico-Legal Reporting subsidiaries has been weak. The company maintained that the elimination of uncertainty in this market as a result of the settlement of the Woollard appeal would lead to an improvement in volumes later in the year.
Commenting, Jason Smart, CEO of LitComp, said:
“We have been working hard to ensure the success of Elite and this has been rewarded, as the division has established itself as a profitable business. Meanwhile, the outlook now looks more positive for our medico-legal subsidiaries as the market recovers from a period of uncertainty and the marketing drives we put in place begin to take effect.”
