Motor insurer Highway reported pre-tax profits of £4.9m for the six months ended 30 June 2004, up £0.2m on the same period last year.
Highway Insurance Holdings also reported that operating profit had risen to £6.9m from £6.5m in the same period last year. Gross premiums written rose to £123.3m.
Highway said: "Results would have been more positive had Highway not had to account for £1.6m in exceptional costs – £800,000 in due diligence on the aborted Cox transaction and a further £800,000 in respect of the FSCS levy."
Executive chairman Ross Dunlop said: “In the motor insurance markets we have stuck with our disciplined approach in the face of tougher trading conditions. This environment looks as though it may be with us for some time, while a number of our competitors chase business through reduced premiums.
"Nevertheless, we are aiming to return positive underwriting profits through the cycle because of the specialist nature of our book, continuing emphasis on the tight control of claims costs and further development of revenues from non-fault claims.”
Dunlop said that Highway's acquisition of leading internet and telesales broker A Quote in July increased the number of policies under Highway's control by 50,000 to 650,000.
Highway Insurance is the UK's twelfth largest motor insurer. The company employs over 430 staff and operates from five locations in the UK.
